Notes to SEFA
Title: Loans Outstanding
Accounting Policies: The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Tacoma/Pierce County Habitat for Humanity under programs of the federal government for the year ended June 30, 2022. The information in this Schedule is 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 Tacoma/Pierce County Habitat for Humanity, it is not intended to, and does not, present the financial position, changes in net assets or cash flows of Tacoma/Pierce County Habitat for Humanity. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures 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.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule. The Organization had the following loan balances outstanding at June 30, 2022. See notes to SEFA chart/table.