Notes to SEFA
Title: Loan and loan guarantee programs
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. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Met Council has not elected to use the 10% de minimus indirect cost rate allowed under Uniform Guidance.
Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the schedule. The balance of the loans outstanding at June 30, 2023 consists of: Federal assistance listing number: 14.157 Program name: Supportive Housing for the Elderly (Section 202) Outstanding balance at June 30, 2023 $85,401,714
Title: Nonmonetary assistance
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. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Met Council has not elected to use the 10% de minimus indirect cost rate allowed under Uniform Guidance.
Nonmonetary assistance is reported on the Schedule at fair value of the food received. The total Federal share of food received by Met Council that is reported on the Schedule amounted to $313,657.
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. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Met Council has not elected to use the 10% de minimus indirect cost rate allowed under Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the "Schedule") includes the federal grant activity of Metropolitan Council on Jewish Poverty and Affiliates ("Met Council") under programs of the federal government for the year ended June 30, 2023. 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 Met Council, it is not intended to and does not present the consolidated and combined financial position, changes in net assets, or cash flows of Met Council. All financial assistance received directly from the Federal agencies as well as financial assistance passed through other governmental agencies or nonprofit organizations is included on the Schedule.