Notes to SEFA
SUPPORTIVE HOUSING FOR THE ELDERLY (14.157) - Balances outstanding at the end of the audit period were 5,031,700.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Memorial Community Corporation under programs of the federal government for the year ended June 30, 2025. 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 Memorial Community Corporation , it is not intended to and does not present the financial position, changes in net deficit, or cash flows of Memorial Community Corporation.
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.
Memorial Community Corporation has elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.