Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying Consolidated Schedule of Expenditures of Federal Awards includes the federal grant activity of The Arc of Cape May County, Inc. and Affiliate and is presented on the accrual basis of accounting. The information in this schedule is 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 Arc of Cape May County, Inc. and Affiliate, it is not intended to and does not present the financial position, changes in net assets, or cash flows of The Arc of Cape May County, Inc. and Affiliate.
De Minimis Rate Used: Y
Rate Explanation: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Arc has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
SUPPORTIVE HOUSING FOR PERSONS WITH DISABILITIES (14.181) - Balances outstanding at the end of the audit period were 756500.