Notes to SEFA
Title: LOAN
Accounting Policies: Basis of Presentation – This schedule includes the activity of Our Lady of Wisdom Facility Corporation (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 (Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: The Company has not elected to use the 10% de minimis indirect cost rate allowed under Uniform Guidance.
Federal expenditures includes $10,445,656 in a loan outstanding at June 30, 2024, for which the grantor imposes continuing compliance requirements.
Title: FEDERALLY FUNDED INSURANCE
Accounting Policies: Basis of Presentation – This schedule includes the activity of Our Lady of Wisdom Facility Corporation (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 (Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: The Company has not elected to use the 10% de minimis indirect cost rate allowed under Uniform Guidance.
The Company has no federally funded insurance.
Title: NONCASH ASSISTANCE
Accounting Policies: Basis of Presentation – This schedule includes the activity of Our Lady of Wisdom Facility Corporation (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 (Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: The Company has not elected to use the 10% de minimis indirect cost rate allowed under Uniform Guidance.
The Company did not receive any federal noncash assistance for the fiscal year ended June 30, 2024.