Notes to SEFA
Title: Outstanding Loan
Accounting Policies: Basis of Presentation
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Our Lady's Manor, Inc. 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 (Uniform Guidance). Because the schedule presents only a selected portion of the operations of Our Lady's Manor, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Our Lady’s Manor, Inc.
De Minimis Rate Used: N
Rate Explanation: Our Lady's Manor, Inc. has not elected to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance.
Included in federal xpenditures is a $5,438,877 direct loan outstanding balance at December 31, 2023. See Note 6 to the financial statements for further details.