Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity ofBishops Commons, Inc. (Bishops Commons at St. Luke), FHA Project No. 014-43218 (theCorporation) and is presented in accordance with accounting principles generally accepted in theUnited States of America. The information in this schedule is presented in accordance with therequirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform AdministrativeRequirements, Cost Principles, and Audit Requirements for Federal Awards. (Uniform Guidance)Because the schedule presents only a selected portion of the operations of the Corporation it is notintended to and does not present the financial position, change in net assets, or cash flows of theCorporation.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Corporation obtained a mortgage guarantee from HUD. The outstanding balance of thismortgage at December 31, 2022 was $4,950,571.