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 Agency has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance and did not allocate indirect costs to its programs.
DISASTER ASSISTANCE LOANS (59.008) - Balances outstanding at the end of the audit period were 150000.
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 Agency has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance and did not allocate indirect costs to its programs.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Area IV Mental Health Services Coalition d/b/a Common Ties Mental Health Services under programs of the federal government for the year ended June 30, 2022. 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 Agency, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Agency.
Title: DISASTER ASSISTANCE LOANS
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 Agency has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance and did not allocate indirect costs to its programs.
In response to the Coronavirus (COVID-19) pandemic, the U.S. Small Business Administration provided Economic Injury Disaster Loans (EIDL loan) to eligible organizations. The purpose of the EIDL loan was to provide funding to meet financial obligations and operating expense that could have been met had the disaster not occurred. Payments on the EIDL loan are deferred for one year from the date the promissory note and interest will accrue during the deferment period. The Agency is required to maintain supporting documentation for EIDL loan funds spent and retain the documentation for three years from the date of the final disbursement. The Agency has also agreed, to the extent feasible, to purchase only American-made equipment and products with the proceeds from the EIDL loan.The EIDL loan is considered federal financial assistance and therefore the outstanding balance of the loan at June 30, 2022 is included in the federal expenditures schedule.