Notes to SEFA
Title: Basis of presentation
Accounting Policies: Federal loan expenditures represent the full outstanding balances of the HOME Investment Partnerships Program notes payable as required by the Uniform Guidance.
Mary Lee Community did not make an election to use the ten percent de minimis cost rate as allowed for in the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Mary Lee Community did not make an election to use the ten percent de minimis cost rate as allowed for in the Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal loan activity of Mary Lee Community for the year ended June 30, 2022. There was no change in the outstanding balance of
the HOME Investment Partnerships Program notes payable during the year ended June 30, 2022. There are no subrecipients of these federal awards.The information in this 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the presentation of the financial statements.
Title: Summary of significant accounting policies
Accounting Policies: Federal loan expenditures represent the full outstanding balances of the HOME Investment Partnerships Program notes payable as required by the Uniform Guidance.
Mary Lee Community did not make an election to use the ten percent de minimis cost rate as allowed for in the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Mary Lee Community did not make an election to use the ten percent de minimis cost rate as allowed for in the Uniform Guidance.
Federal loan expenditures represent the full outstanding balances of the HOME Investment Partnerships Program notes payable as required by the Uniform Guidance.
Title: Summary of significant accounting policies
Accounting Policies: Federal loan expenditures represent the full outstanding balances of the HOME Investment Partnerships Program notes payable as required by the Uniform Guidance.
Mary Lee Community did not make an election to use the ten percent de minimis cost rate as allowed for in the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Mary Lee Community did not make an election to use the ten percent de minimis cost rate as allowed for in the Uniform Guidance.
Mary Lee Community did not make an election to use the ten percent de minimis cost rate as allowed for in the Uniform Guidance.