Notes to SEFA
Title: Note D - Loan and Loan Guarantee Programs
Accounting Policies: Note A-Basis of Presentation The accompanying schedule of expenditures of federal awards includes the federal award activity of First Richland Morrow Housing, Inc., IV, DBA Middlebrook Meadows/Richland Manor, HUD Project No. 042-HD020 under programs of the federal government for the year ended December 31, 2022. 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, it is not intended to and does not present the financial position, changes in net assets or cash flows of First Richland Morrow Housing, Inc., IV.Note B - Summary of Significant Accounting PoliciesExpenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Note C - Indirect Cost RateThe Corporation has elected not to use the 10% de minimis cost rate allowed under the Uniform Guidance.
The outstanding balance of loan and loan guarantee programs at December 31, 2022 with continuing compliance requirements which are reported as federal expenditures on the accompanying schedule of expenditures of federal awards was $1,307,900.