Notes to SEFA
Title: 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. Heritage Corporation of Loris has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Heritage Corporation of Loris has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Heritage Corporation of Loris, 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 Heritage Corporation of Loris, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Heritage Corporation of Loris.
Title: LOAN OUTSTANDING
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. Heritage Corporation of Loris has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Heritage Corporation of Loris has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Heritage Corporation of Loris had the following loan balance, related to federal awards, outstanding as of December 31, 2024: Program Title: Supportive Housing for the Elderly (Section 202); Assistance Listing Number: 14.157; Amount Outstanding: $3,314,500.