Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized when following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Arc does not charge indirect costs to its federal programs.
The capital advances presented in the Schedule are considered federal loansunder Uniform Guidance. Federal expenditures in the Schedule include loans outstanding at the beginning of the year and loans made during the year.There were no changes to the capital advance balances during the year ended December 31, 2022, therefore, each capital advance expenditure presented on the Schedule represents an ending loan balance. The Arc had a total outstanding federal loan balance of $8,614,100 at December 31, 2022.
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized when following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Arc does not charge indirect costs to its federal programs.
The accompanying consolidated schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Arc under programs of the federal government for the year ended December 31, 2022. The information in the 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 the Arc, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Arc.