Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: (1)Basis of PresentationThe accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Miracle Village Independent Living, Inc. (the Organization) under programs of the federal government for the year ended June 30, 2022. 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). Because the Schedule presents only a selected portion of the operations of the Organization, it is not intended to and does not present the financial position, changes in net deficit, or cash flows of the Organization.(2)Basis of AccountingExpenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles 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 Organization has elected not to use the 10% de minimus cost rate.
SUPPORTIVE HOUSING FOR THE ELDERLY (14.157) - Represents the initial amount of the capital advance and not funds expended during the year.