Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity ofthe Center of More Abundant Life, Inc. (the Center), 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 the Center,it is not intended to and does not present the financial position, change in net assets, or cash flows for the Center.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures arerecognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures arenot allowable or are limited as to reimbursement. The Center has elected not to use the 10 percent de minimis indirectcost rate as allowed under the Uniform Guidance.
The Center has received a U.S. Housing and Urban Development direct loan under Section 202 of the National Housing Act. The loan outstanding balance at the beginning of the year is included in the federal expenditures presented in the Schedule. The Center received no additional loans during the year. The balance of the loan outstanding at December 31, 2022, is as follows:CFDA Number - 14.157, Program Name - Section 202 Direct Loan, Outstanding Balance at December 31, 2022 - $3,515,981. SUPPORTIVE HOUSING FOR THE ELDERLY (14.157) - Balances outstanding at the end of the audit period were 3,515,981.
Title: PASS-THROUGH FUNDS
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity ofthe Center of More Abundant Life, Inc. (the Center), 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 the Center,it is not intended to and does not present the financial position, change in net assets, or cash flows for the Center.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures arerecognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures arenot allowable or are limited as to reimbursement. The Center has elected not to use the 10 percent de minimis indirectcost rate as allowed under the Uniform Guidance.
The Center has no funds that pass through any other agency or Organization.