Notes to SEFA
Title: Loan Programs with Continuing Compliance Requirements
Accounting Policies: 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. St. Vincent de Paul has not elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance. Administrative reimbursement rates for federal grant programs are limited to be no greater than 5-percent.Interest subsidies received under the Rural Rental program are paid out monthly to cover St. Vincent de Pauls monthly mortgage payments.Program income is received primarily in the form of rent income in USDA projects. The income is received monthly and used to support the general operations of the project.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
CONTINUUM OF CARE PROGRAM (14.267) - Balances outstanding at the end of the audit period were $676,552. RURAL RENTAL HOUSING LOANS (10.415) - Balances outstanding at the end of the audit period were $4,821,538.
Title: Basis of Presentation
Accounting Policies: 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. St. Vincent de Paul has not elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance. Administrative reimbursement rates for federal grant programs are limited to be no greater than 5-percent.Interest subsidies received under the Rural Rental program are paid out monthly to cover St. Vincent de Pauls monthly mortgage payments.Program income is received primarily in the form of rent income in USDA projects. The income is received monthly and used to support the general operations of the project.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of St. Vincent de Paul, under programs of the federal government for the year ended December 31, 2022. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 220, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of operations of St. Vincent de Paul, it is not intended to and does not present the financial position, changes in net assets, or cash flows of St. Vincent de Paul.