Notes to SEFA
Title: Loan/loan guarantee outstanding balances
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.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Everyday Living, Inc. has received a U.S. Department of Housing and Urban Development capital advance under Section 811 of the National Affordable Housing Act. The capital advance balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. Everyday Living, Inc. received no additional capital advances during the year. The balance of the capital advance outstanding at June 30, 2022 is the same as the beginning balance, $1,222,800.
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.
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 (Schedule) includes the federal award activity of Everyday Living, Inc. and 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 Everyday Living, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Everyday Living, Inc.