Audit 33592

Title: Loan Programs Accounting Policies: The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Voice of Calvary Ministries (the "Ministries") under programs of the federal government. The information in this Schedule is presented in accordance with 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). Because the Schedule presents only a selected portion of the operations of the Ministries, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Ministries. Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized by following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: The Ministries has not elected to use the 10% de minimis indirect cost rate under the Uniform Guidance. The Schedule reflects $100,000 of 2022 expenditures under the 59.008 Disaster Assistance Loans program from the Small Business Administration. This amount is not included in the 2022 financial statements as federal grant revenue because it is a loan. The loan proceeds were received in a previous year, and the balance of the loan as of December 31, 2022 is $500,000.