Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Cassia and Support Corporations (the Corporation) and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the applicable 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 of expenditures of federal awards presents only a selected portion of the operations of the Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Corporation.The Corporations consolidated financial statements include the operations of the Corporations controlled housing corporations, which received $17,579,703 in federal awards that are not included in the schedule of expenditures of federal awards for the year ended December 31, 2022. Our audit did not include the operations of the Corporations controlled housing corporations because the U.S. Department of Housing and Urban Development requires separate single audits to be performed on these entities in accordance with the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
COMMUNITY FACILITIES LOANS AND GRANTS (10.766) - Balances outstanding at the end of the audit period were 11667484.
Title: Reconciliation of SEFA to Financial Statements
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Cassia and Support Corporations (the Corporation) and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the applicable 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 of expenditures of federal awards presents only a selected portion of the operations of the Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Corporation.The Corporations consolidated financial statements include the operations of the Corporations controlled housing corporations, which received $17,579,703 in federal awards that are not included in the schedule of expenditures of federal awards for the year ended December 31, 2022. Our audit did not include the operations of the Corporations controlled housing corporations because the U.S. Department of Housing and Urban Development requires separate single audits to be performed on these entities in accordance with the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The consolidated financial statements reflect revenue recognized from the Provider Relief Fund of approximately $3,763,364 and $3,824,159 for the years ended December 31, 2022 and 2021, respectively. Included in the revenue recognized during the year ended December 31, 2022 is $1,815,066 received during Period 5. Included in the revenue recognized during the year December 31, 2021 is $2,267,483 received during Period 1 and Period 2. The SEFA includes Provider Relief Funds of $3,504,974 that were received in Period 3 and Period 4 in accordance with the requirements of the compliance supplement for assistance listing number 93.498.The outstanding loan balance was $11,667,484 as of December 31, 2022.