Audit 18633

Title: Loan/loan guarantee outstanding balances Accounting Policies: Note 1 Basis of PresentationThe accompanying schedule of expenditures of federal awards (the Schedule) reflects the federalgrant activity which was originally provided to Phoenix Manor, Inc., (HUD Project No. 066-EH249-CA) and is presented on the accrual basis of accounting. The information in thisschedule is presented in accordance with the requirements of Title 2 U.S. Code of FederalRegulations Part 200, Uniform Administrative Requirements, Cost Principles, and AuditRequirements for Federal Awards (Uniform Guidance). Because the Schedule presents only aselected portion of the operations of Phoenix Manor, Inc., it is not intended and does not presentthe financial position, changes in net assets, or cash flows of Phoenix Manor, Inc.Note 2 Summary of Significant Accounting PoliciesExpenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in the Uniform Guidance,wherein certain types of expenditures are not allowable or are limited as to reimbursement. TheOrganization has elected not to use the 10-percent de minimis indirect cost rate allowed underthe Uniform Guidance.Note 3 U.S. Department of Housing and Urban Development Loan ProgramPhoenix manor, Inc. has received a direct loan from the U.S. Department of Housing and UrbanDevelopment under Section 811 of the National Affordable Housing Act. The loan balanceoutstanding at the beginning of the year included in the federal expenditures presented in theSchedule. Phoenix Manor, Inc. received no additional loans during the year. The balance of theloan outstanding at June 30, 2022 consists of:CFDA Number Program Name14.181 Section 811 Direct Loan $ 1,115,700 De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. SUPPORTIVE HOUSING FOR PERSONS WITH DISABILITIES (14.181) - Balances outstanding at the end of the audit period were 1115700.