Notes to SEFA
Title: Capital Advance
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of East Missouri Action Agency, Inc. under programs of the federal government for the year ended September 30, 2023. The information in this schedule is presented in accordance with requirements of the 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 East Missouri Action Agency, Inc., it is not intended to and does not present the financial position, changes in net assets or cash flows of East Missouri Action Agency, Inc.
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: N
Rate Explanation: East Missouri Action Agency, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
East Missouri Action Agency, Inc. has a capital advances from the Department of Housing and Urban Development (see financial statement Note 10). The capital advances balance at September 30, 2023 was $3,368,000.
Title: Loan BalanceS
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of East Missouri Action Agency, Inc. under programs of the federal government for the year ended September 30, 2023. The information in this schedule is presented in accordance with requirements of the 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 East Missouri Action Agency, Inc., it is not intended to and does not present the financial position, changes in net assets or cash flows of East Missouri Action Agency, Inc.
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: N
Rate Explanation: East Missouri Action Agency, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The loan programs listed subsequently are administered directly by East Missouri Action Agency, Inc., and
balances and transactions relating to the programs are included in East Missouri Action Agency, Inc.'s basic
financial statements. Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule. The balance of loans outstanding at September 30, 2023, consists of $1,215,421 in AL #10.415, Rural Rental Housing Loan.