Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: NOTE A - BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards includes the federal award activity ofBaybarry Corporation and is presented on the accrual basis of accounting. The information in this scheduleis presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200,Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards(Uniform Guidance). Because the Schedule presents only a selected portion of the operations of BaybarryCorporation, it is not intended to and does not present the financial position, changes in net assets, or cashflows of Baybarry CorporationNOTE B SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported on the accrual basis of accounting. Such expendituresare recognized following the cost principles contained in the Uniform Guidance, wherein certain types ofexpenditures are not allowable or are limited as to reimbursement. Baybarry Corporation has elected not touse the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.NOTE C U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOAN PROGRAMBaybarry Corporation has received a U.S. Department of Housing and Urban Development CapitalAdvance under Section 202 of the National Housing Act. The Capital Advance under Section 202 balanceoutstanding at the beginning of the year is included in the federal expenditures presented in the Schedule.Baybarry Corporation received no additional Capital Advance loans during the year. The balance of theCapital Advance outstanding at December 31, 2022 consists of:CFDANumber Program NameOutstanding Balance atDecember 31, 2022Supportive Housing for the Elderly(Section 202 Capital Advance)14.157 $ 972,400
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
SUPPORTIVE HOUSING FOR THE ELDERLY (14.157) - Balances outstanding at the end of the audit period were 972400.