Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: 2. SUMMARY OF SIGNIFICANT 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. The Company has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
SUPPORTIVE HOUSING FOR PERSONS WITH DISABILITIES (14.181) - Balances outstanding at the end of the audit period were 1982800. HOME INVESTMENT PARTNERSHIPS PROGRAM (14.239) - Balances outstanding at the end of the audit period were 830000. 3.U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOAN PROGRAM The Company has received loans funded by programs of U.S. Department of Housing and Urban Development. The loan balances outstanding at the beginning of the year are included in the federal expenditures presented in the Schedule. Such balances have been included as net assets with donor restrictions in the financial statements of the Company as of June 30, 2022 since the likelihood of repayment is remote. The Company received no additional loans during the year ended June 30, 2022. The balance of the loans outstanding at June 30, 2022 consists of: CFDA Number Program Name Outstanding Balance 14.181 Supportive Housing for Persons with Disabilities (Section 811) $1,982,800 14.239 Home Investment Partnerships Program 830,000 Total $2,812,800
Title: 1.BASIS OF PRESENTATION
Accounting Policies: 2. SUMMARY OF SIGNIFICANT 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. The Company has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Spruce Place Inc. (the Company) and is presented on the accrual basis of accounting. 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 (the Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Spruce Place Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Company.