Notes to SEFA
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 TheHaven on Broad, Inc. and is presented on the accrual basis of accounting. The information in this scheduleis 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 Havenon Broad, Inc., it is not intended to and does not present the financial position, changes in net assets, or cashflows of The Haven on Broad, Inc.NOTE B SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported on the accrual basis of accounting. Such expendituresare recognized following the cost principles contained in the Uniform Guidance, wherein certain types ofexpenditures are not allowable or are limited as to reimbursement. The Haven on Broad, Inc. has electednot to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.NOTE C U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOAN PROGRAMThe Haven on Broad, Inc. has received a U.S. Department of Housing and Urban Development CapitalAdvance under Section 202 of the National Housing Act. The Capital Advance outstanding at the beginningof the year is included in the federal expenditures presented in the Schedule. The Haven on Broad, Inc.received no additional Capital Advances during the year. The balance of the Capital Advance outstandingat December 31, 2022 consists of:Outstanding BalanceCFDA Number Program Name at December 31, 202214.157 Supportive Housing for the Elderly $ 1,578,800
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
SUPPORTIVE HOUSING FOR THE ELDERLY - CAPITAL ADVANCE (14.157) - Balances outstanding at the end of the audit period were 1578800.