Title: Note 3 – Loans
Accounting Policies: Note 1 – Summary of Significant Accounting Policies
The accompanying schedule of expenditures of federal awards includes the federal grant activities of Boley Centers, Inc. (“Boley”) 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 Boley, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Boley.
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.
The Boley Centers, Inc. and affiliates consolidated financial statements include organizational units expending $750,000 or more in federal awards that have separate Uniform Guidance audits that are not included in this single audit.
De Minimis Rate Used: N
Rate Explanation: Note 2 – Indirect Costs
Boley has elected not to use the 10% de minimis cost rate allowed by the Uniform Guidance.
Boley has the following loan balances:
2022Additional Loan Funding/ (Payments/ Forgiveness)Balance at June 30, 202314.218CDBG-Entitlement Grants Cluster: Community Development Block Grants/ Entitlement GrantsBurlington Gardens1,567,925$ 1,567,925$ -$ 1,567,925$ Fountain View870,073 870,073 - 870,073 14.239Home Investment Partnerships ProgramGrove Park Village687,500 510,748 - 510,748 Mid-County Safe Haven2,135,880 2,135,880 - 2,135,880 Safe Haven325,000 325,000 - 325,000 Broadwater II238,144 238,144 - 238,144 Mastry Apartments268,965 268,965 - 268,965 Safe Haven433,812 433,812 - 433,812 6,527,299$ 6,350,547$ -$ 6,350,547
Title: Note 4 – Support Requiring Matching Funds
Accounting Policies: Note 1 – Summary of Significant Accounting Policies
The accompanying schedule of expenditures of federal awards includes the federal grant activities of Boley Centers, Inc. (“Boley”) 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 Boley, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Boley.
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.
The Boley Centers, Inc. and affiliates consolidated financial statements include organizational units expending $750,000 or more in federal awards that have separate Uniform Guidance audits that are not included in this single audit.
De Minimis Rate Used: N
Rate Explanation: Note 2 – Indirect Costs
Boley has elected not to use the 10% de minimis cost rate allowed by the Uniform Guidance.
From time to time, Boley receives funding from various sources that require Boley to obtain matching funds. During the year ended June 30, 2023, Boley obtained the required amount of matching funds.
Title: Note 5 – Contingency
Accounting Policies: Note 1 – Summary of Significant Accounting Policies
The accompanying schedule of expenditures of federal awards includes the federal grant activities of Boley Centers, Inc. (“Boley”) 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 Boley, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Boley.
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.
The Boley Centers, Inc. and affiliates consolidated financial statements include organizational units expending $750,000 or more in federal awards that have separate Uniform Guidance audits that are not included in this single audit.
De Minimis Rate Used: N
Rate Explanation: Note 2 – Indirect Costs
Boley has elected not to use the 10% de minimis cost rate allowed by the Uniform Guidance.
Expenditures incurred by Boley are subject to audit and possible disallowance by federal agencies. Management believes that, if audited, an adjustment for disallowed expenses would be immaterial.