Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activity of Upper Shore Aging, Inc. under programs of the federal government for the year ended June 30, 2022. The information in the 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 operation of Upper Shore Aging, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Upper Shore Aging, Inc.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate. Upper Shore Aging, Inc. has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. The grant agreements the Agency has signed contain specified dollar amounts or percentages of allowable indirect costs.
COMMUNITY FACILITIES LOANS AND GRANTS (10.766) - Balances outstanding at the end of the audit period were 332840.