Notes to SEFA
Title: NOTE C LOANS WITH CONTINUING COMPLIANCE REQUIREMENTS
Accounting Policies: NOTE A BASIS OF PRESENTATIONThe schedule of expenditures of federal awards includes the federal grant activity of HousingResources Bainbridge and is presented on the accrual basis of accounting. The information in thisschedule is presented in accordance with the requirements of Title 2 U.S. Code of FederalRegulations Part 200, Uniform Administrative Requirements, Cost Principles, and AuditRequirements for Federal Awards (Uniform Guidance). The schedule of expenditures of federalawards is not intended to and does not present the financial position, activities or cash flows ofHousing Resources Bainbridge.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 Guidancewherein certain types of expenditures are not allowable or are limited as to reimbursement.Housing Resources Bainbridge has elected not to use the 10% de minimis indirect cost rate.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
NOTE C LOANS WITH CONTINUING COMPLIANCE REQUIREMENTSHousing Resources Bainbridge received the following funding through a loan from the U.S.Department of Housing and Urban Development which requires compliance with programrequirements until the maturity date of the loan. As required by the Uniform Guidance, thebeginning balance of the loan is included in the accompanying schedule of expenditures of federalawards. The balance of the loan as of December 31, 2022 is as followsLoan Contract NumberOutstandingBalanceHOME Investment Partnership ProgramPassed through State of WashingtonJanet West Home 00-40499-261 $ 309,873