Notes to SEFA
Title: Noncash Financial Assistance
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Options for Community Living, Inc. (Options) under programs of the federal government for the year ended December 31, 2023. The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) 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 Options, it is not intended to and does not present the financial position, changes in net assets or cash flows of Options.
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: Y
Rate Explanation: Options has elected to use the 10% de minimis indirect cost rate for federal awards under the Uniform Guidance.
During the year ended December 31, 2023, Options rehabilitated buildings using proceeds of capital advances paid directly to contractors, totaling $94,945.
Title: Outstanding Loans and Loan Guarantees
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Options for Community Living, Inc. (Options) under programs of the federal government for the year ended December 31, 2023. The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) 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 Options, it is not intended to and does not present the financial position, changes in net assets or cash flows of Options.
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: Y
Rate Explanation: Options has elected to use the 10% de minimis indirect cost rate for federal awards under the Uniform Guidance.
Options has outstanding balances of loans at December 31, 2023 received in prior years from the United States Department of Housing and Urban Development of $239,998 and $263,332 under Assistance Listing Numbers 14.239 and 14.218, respectively. Options has outstanding loan guarantees at December 31, 2023 from capital advances received in current and prior years from the United States Department of Housing and Urban Development of $2,298,514 and $10,130,316 under Assistance Listing Numbers 14.235 and 14.241, respectively.