Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: NOTE A - Basis of PresentationThe accompanying schedule of expenditures of federal awards (the Schedule) includes the federal awardactivity of Mrs. Philippines Home for Senior Citizens, Inc. under the programs of the federal governmentfor the year ended December 31, 2022. The information in this Schedule is presented in accordance withthe 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 the Schedule presents only a selected portion of the operations of Mrs. Philippines Home forSenior Citizens, Inc., it is not intended to and does not present the financial position, changes in netassets, or cash flows of Mrs. Philippines Home for Senior Citizens, Inc. The loan balance outstanding asof December 31, 2022 is $2,729,799. Mrs. Philippines Home for Senior Citizens, Inc. received noadditional loans during the year. There were no awards passed through to subrecipients.NOTE B - Summary of Significant Accounting PoliciesExpenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in the Uniform Guidance, whereincertain types of expenditures are not allowable or are limited as to reimbursement.NOTE C - Indirect Cost RateMrs. Philippines Home for Senior Citizens, Inc. has elected not to use the ten percent (10%) de minimisindirect cost rate allowed under the Uniform Guidance.
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 1919113. SUPPORTIVE HOUSING FOR THE ELDERLY (14.157) - Balances outstanding at the end of the audit period were 810686.