Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Note 1 Basis of PresentationThe accompanying schedule of expenditures of federal awards includes the federal grant activityof Booth Manor, Inc. - Wisconsin and is presented on the accrual basis of accounting. Theinformation 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, CostPrinciples, and Audit Requirements for Federal Awards. Therefore, some amounts presented inthis schedule may differ from amounts presented in, or used in the preparation of, the basicfinancial statements.Note 2 Summary of Significant Accounting PoliciesExpenditures reported on the Schedule of Expenditures of Federal Awards are reported on theaccrual basis of accounting. Such expenditures are recognized following the cost principlescontained in Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform AdministrativeRequirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certaintypes of expenditures are not allowable or are limited to reimbursement. Pass-through identifyingnumbers are presented where available.Note 3 HUD Section 202 Direct LoanThe Corporation borrowed $1,579,600 of HUD Section 202 funds for use in various housingprojects. The note bears interest at a rate of 8.375%. As of September 30, 2022 the note balancetotaled $936,637.Note 4 Indirect Cost RateThe Corporation has not elected to use the 10% de minimis indirect cost rate as allowed underthe Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
SUPPORTIVE HOUSING FOR THE ELDERLY (14.157) - Balances outstanding at the end of the audit period were 936637.