Audit 22903

Title: Loan/loan guarantee outstanding balances Accounting Policies: NOTE A - BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards includes the federal award activity of St. JosephPlace, Inc. and is presented on the accrual basis of accounting. The information in this schedule is presented inaccordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform AdministrativeRequirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because theSchedule presents only a selected portion of the operations of St. Joseph Place, Inc., it is not intended to and doesnot present the financial position, changes in net assets, or cash flows of St. Joseph Place, Inc..NOTE B SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures arerecognized following the cost principles contained in the Uniform Guidance, wherein certain types of expendituresare not allowable or are limited as to reimbursement. St. Joseph Place, Inc. has elected not to use the 10-percent deminimis indirect cost rate allowed under the Uniform Guidance.NOTE C U.S. Department of Housing and Urban Development Loan ProgramSt. Joseph Place, Inc. has received a U.S. Department of Housing and Urban Development Capital Advance underSection 202 of the National Housing Act. The Capital Advance balance outstanding at the beginning of the year isincluded in the federal expenditures presented in the Schedule. St. Joseph Place, Inc. received no additional CapitalAdvances during the year. The balance of the Capital Advance outstanding at December 31, 2022 consists of:Outstanding BalanceCFDA Number Program Name at December 31, 202214.157 Supportive Housing for the Elderly $ 5,615,200 De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. SUPPORTIVE HOUSING FOR THE ELDERLY (14.157) - Balances outstanding at the end of the audit period were 5615200.