Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Holiness Homes of Vision, HUD Project No. 071-EE182 (the Project), and is presented on the accrual basis of accounting which is the same basis of accounting used to prepare the Projects financial statements. The information in this schedule is presented in accordance with the requirements of Uniform Guidance. The Projects records should be consulted to determine amounts expended or matched from non-federal sources.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
SUPPORTIVE HOUSING FOR THE ELDERLY (14.157) - Balances outstanding at the end of the audit period were 8507800.
Title: LOANS AND LOAN GUARANTEES
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Holiness Homes of Vision, HUD Project No. 071-EE182 (the Project), and is presented on the accrual basis of accounting which is the same basis of accounting used to prepare the Projects financial statements. The information in this schedule is presented in accordance with the requirements of Uniform Guidance. The Projects records should be consulted to determine amounts expended or matched from non-federal sources.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Project has a federal loan outstanding with the U.S. Department of Housing and Urban Development (HUD). The balance outstanding at December 31, 2022, was $8,507,800. (See Notes to Financial Statements Note 10)
Title: PROGRAM COSTS/MATCHING CONTRIBUTIONS
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Holiness Homes of Vision, HUD Project No. 071-EE182 (the Project), and is presented on the accrual basis of accounting which is the same basis of accounting used to prepare the Projects financial statements. The information in this schedule is presented in accordance with the requirements of Uniform Guidance. The Projects records should be consulted to determine amounts expended or matched from non-federal sources.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Expenditures represent only the federally funded portions of the programs. Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the basic financial statements.
Title: NON-CASH AWARDS
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Holiness Homes of Vision, HUD Project No. 071-EE182 (the Project), and is presented on the accrual basis of accounting which is the same basis of accounting used to prepare the Projects financial statements. The information in this schedule is presented in accordance with the requirements of Uniform Guidance. The Projects records should be consulted to determine amounts expended or matched from non-federal sources.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
During the year, the Project utilized a rent-free unit, provided by HUD, for the purpose of office and model apartment space.Office or Model Apartment Rent $17,628