Title: NOTE A - 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: Mid Cape Church Homes, Inc. has elected not to use the 10% de minimums indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Mid Cape Church Homes, Inc. 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 (CFR) 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 Mid Cape Church Homes, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Mid Cape Church Homes, Inc.The dollar threshold used to distinguish Type A and Type B programs according to 2CFR 200.518(b)(1) is determined to be $750,000. All expenditures of federal awards on this Schedule were received directly from a federal agency. There were no awards received that were passed through to subrecipients.
Title: NOTE B - REPORTING ENTITY:
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: Mid Cape Church Homes, Inc. has elected not to use the 10% de minimums indirect cost rate allowed under the Uniform Guidance.
Mid Cape Church Homes, Inc. reporting entity is defined in Note A of the consolidated financial statements. Pine Oaks One LLC is a separate nonprofit organization and is wholly owned subsidiary of Mid Cape Church Homes, Inc. Pine Oaks One LLC's federal expenditures of $5,707,240 are not included within this schedule of expenditures of federal awards as a separate audit over Pine Oaks One LLC's federal awards was performed under the Uniform Guidance.
Title: NOTE E - FEDERAL AWARDS EXPENDED FOR LOAN OR LOAN GUARANTEE PROGRAMS:
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: Mid Cape Church Homes, Inc. has elected not to use the 10% de minimums indirect cost rate allowed under the Uniform Guidance.
Balances of loans and loan guarantee programs outstanding as of December 31, 2024 for loans described in 2 CFR section 200.502(b) are as follows: Assistance Listing Number 10.415, Program Name- Rural Rental Housing Loans, Beginning balance as of 1/01/24 $1,709,212.03, New loans from 1/01/24-12/31/24 $0, Outstanding balance as of 12/31/24 $1,656,751.54.
Title: NOTE F - NON CASH FEDERAL AWARDS:
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: Mid Cape Church Homes, Inc. has elected not to use the 10% de minimums indirect cost rate allowed under the Uniform Guidance.
Mid Cape Church Homes, Inc. receives an interest credit subsidy from USDA that does not result in cash receipts or disbursements. For the year ended December 31, 2024, Mid Cape Church Homes, Inc. received and expensed $154,357 worth of non-cash interest credit subsidy under Assistance Listing Number 10.415 - Rural Rental Housing Loan Program. This amount is included in the amount presented on the Schedule of Expenditures of Federal Awards.