Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The SENOTE A-BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards includes the federal award activity of MountEphraim Housing Initiative Inc., HUD Project No. 035-EE041 and is presented on the accrual basis of accounting. Theinformation in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of FederalRegulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for FederalAwards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of MountEphraim Senior Housing Initiative, Inc., it is not intended to and does not present the financial position, changes innet assets, or cash flows of Mount Ephraim Senior Housing Initiative, Inc. NOTE BSUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 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. Mount Ephraim Senior Housing Initiative, Inc. has elected not to use the 10-percent de-minimis indirect cost rate allowed under the Uniform Guidance.NOTE C U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOAN PROGRAM Mount Ephraim Senior Housing Initiative, Inc. has received a U.S. Department of Housing and Urban Development direct loan under Section 202 of the National Housing Act. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. Mount Ephraim Senior Housing Initiative, Inc. received no additional loans during the year. The balance of the loan outstanding at June 30, 2022 consists of: CFDA Number Program Name Outstanding Balance at June 30, 2022 14.157 Section 202 Direct Loan $6,875,800FA was prepared using GAAP
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
SUPPORTIVE HOUSING FOR THE ELDERLY (14.157) - Balances outstanding at the end of the audit period were 6,875,800.