Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: (a) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures 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.(b) The Corporation has elected not to use the 10 percent de minimis indirect cost rate as allowedunder the Uniform Guidance.(c) The outstanding balance of loan and loan guarantee programs at August 31, 2022 withcontinuing compliance requirements which are reported as federal ex
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
MORTGAGE INSURANCE_RENTAL HOUSING (14.134) - Balances outstanding at the end of the audit period were 2859239.
Title: Basis of Presentation
Accounting Policies: (a) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures 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.(b) The Corporation has elected not to use the 10 percent de minimis indirect cost rate as allowedunder the Uniform Guidance.(c) The outstanding balance of loan and loan guarantee programs at August 31, 2022 withcontinuing compliance requirements which are reported as federal ex
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 federalaward activity of National Church Residences of San Diego, CA (the Corporation) under programsof the federal government for the year ended August 31, 2022.The information in this Schedule is presented in accordance with the requirements of Title 2 U.S.Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, CostPrinciples, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedulepresents only a portion of the Corporation, it is not intended to and does not present theCorporations financial position, changes in net assets or cash flows.