Title: NOTE 1 – BASIS OF PRESENTATION
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.
De Minimis Rate Used: N
Rate Explanation: For the year ended December 31, 2024, the Organization did not elect to use the 10% de minimis indirect cost rate allowed in the Uniform Guidance, section 414.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of Marian Heights, Inc. (the “Organization”), HUD Project Number 017-EH-173 under programs of the federal government for the year ended December 31, 2024. 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 assets, or cash flows of the Organization.
Title: NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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.
De Minimis Rate Used: N
Rate Explanation: For the year ended December 31, 2024, the Organization did not elect to use the 10% de minimis indirect cost rate allowed in the Uniform Guidance, section 414.
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.
Title: NOTE 3 – INDIRECT COST RATE
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.
De Minimis Rate Used: N
Rate Explanation: For the year ended December 31, 2024, the Organization did not elect to use the 10% de minimis indirect cost rate allowed in the Uniform Guidance, section 414.
For the year ended December 31, 2024, the Organization did not elect to use the 10% de minimis indirect cost rate allowed in the Uniform Guidance, section 414.
Title: NOTE 4 – U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOAN PROGRAM
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.
De Minimis Rate Used: N
Rate Explanation: For the year ended December 31, 2024, the Organization did not elect to use the 10% de minimis indirect cost rate allowed in the Uniform Guidance, section 414.
The Organization has received various U.S. Department of Housing and Urban Development funding. The loan balances outstanding at the beginning of the year are included in the federal expenditures presented in the Schedule. Marian Heights, Inc. received no additional loans during the year. The balance of the loans outstanding at December 31, 2024, consists of: Supportive Housing for the Elderly - Section 202 Capital Advance FALN 14.157 with a balance of $6,361,600, HOME Investment Partnership FALN 14.239 with a balance of $2,100,000 and Community Development Block Grants FALN 14.225 with a balance of $33,343.