Notes to SEFA
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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The accompanying Schedule of Expenditures of Federal Awards includes the federal activity of CARING, Inc. and Affiliates and is presented on the accrual basis of accounting. The information in the 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). Therefore, some amounts presented in the schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
Title: NOTE C - US DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOAN AND MORTGAGE
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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
CARING, Inc. and Affiliates has loans and mortgages with the United States Department of Housing and Urban Development. Balances and transactions relating to these programs are included in these consolidated financial statements. The outstanding loan balance of the loans and mortgages at the beginning of the year are included in the schedule of expenditures of federal awards. The balance of the loans and mortgages outstanding at March 31, 2023 is as follows: See the Notes to the SEFA for chart/table.