Title: NOTE A - BASIS OF PRESENTATION
Accounting Policies: 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 Center, it is not intended to and does not present the financial position, changes in net assets, or
cash flows for the Center.
De Minimis Rate Used: N
Rate Explanation: The Center has elected not to use the 10 percent de minimis indirect
cost rate as allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal award activity of the Center of More Abundant Life, Inc. (the “Center”), under a program of the federal government for the year ended
December 31, 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 the Center, it is not intended to and does not present the financial position, changes in net assets, or
cash flows for the Center.
Title: NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: 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 Center, it is not intended to and does not present the financial position, changes in net assets, or
cash flows for the Center.
De Minimis Rate Used: N
Rate Explanation: The Center has elected not to use the 10 percent de minimis indirect
cost rate as allowed under the Uniform Guidance.
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 Center has elected not to use the 10 percent de minimis indirect
cost rate as allowed under the Uniform Guidance.
Title: NOTE C - U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOAN PROGRAM
Accounting Policies: 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 Center, it is not intended to and does not present the financial position, changes in net assets, or
cash flows for the Center.
De Minimis Rate Used: N
Rate Explanation: The Center has elected not to use the 10 percent de minimis indirect
cost rate as allowed under the Uniform Guidance.
The Center has received a U.S. Housing and Urban Development direct loan under Section 202 of the National
Housing Act. The loan outstanding balance at the beginning of the year is included in the federal expenditures
presented in the Schedule. The Center received no additional loans during the year. The balance of the loan
outstanding at December 31, 2023, is as follows: CFDA Number - 14.157; Program Name - Section 202 Direct Loan; Outstanding Balance at December 31, 2023 - $3,381,588.
Title: NOTE D - PASS-THROUGH FUNDS
Accounting Policies: 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 Center, it is not intended to and does not present the financial position, changes in net assets, or
cash flows for the Center.
De Minimis Rate Used: N
Rate Explanation: The Center has elected not to use the 10 percent de minimis indirect
cost rate as allowed under the Uniform Guidance.
The Center has no funds that pass through any other agency or Organization.