Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The schedule of expenditures of federal awards presents the activity of federal award programsadministered by Corvallis Caring Place, which is described in Note 1 to the Organizations accompanyingfinancial statements, using the accrual basis of accounting. Federal awards that are included in theschedule may be received directly from federal agencies, as well as federal awards that are passed throughfrom other government agencies. The information in this schedule is presented in accordance with therequirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform AdministrativeRequirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).Therefore some amounts presented in this schedule may differ from the amounts presented in, or used inthe preparation of, the basic financial statements. Because the schedule presents only a selected portion ofthe operations of Corvallis Caring Place, it is not intended to and does not present the financial position,changes in net assets or cash flows of Corvallis Caring Place.
De Minimis Rate Used: N
Rate Explanation: Corvallis Caring Place has not elected to use the 10% de minimis indirect cost rate.
Corvallis Caring Place was approved by the U.S. Department of Housing and Urban Development toreceive a loan totaling $3,119,900 to refinance the mortgage on the building. The amount listed for thisloan includes the proceeds used during the year and the outstanding loan balance from prior years. As ofDecember 31, 2022 and 2021, the loan balance was $2,679,844 and $2,748,164, respectively.
Title: Sub-recipients:
Accounting Policies: The schedule of expenditures of federal awards presents the activity of federal award programsadministered by Corvallis Caring Place, which is described in Note 1 to the Organizations accompanyingfinancial statements, using the accrual basis of accounting. Federal awards that are included in theschedule may be received directly from federal agencies, as well as federal awards that are passed throughfrom other government agencies. The information in this schedule is presented in accordance with therequirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform AdministrativeRequirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).Therefore some amounts presented in this schedule may differ from the amounts presented in, or used inthe preparation of, the basic financial statements. Because the schedule presents only a selected portion ofthe operations of Corvallis Caring Place, it is not intended to and does not present the financial position,changes in net assets or cash flows of Corvallis Caring Place.
De Minimis Rate Used: N
Rate Explanation: Corvallis Caring Place has not elected to use the 10% de minimis indirect cost rate.
No amounts were provided to sub-recipients.