Audit 39111

Title: Loan/loan guarantee outstanding balances Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Fellowship Commons Whalley, Inc. and is presented on the accrual basis of accounting. 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). The schedule presents only a selected portion of the operations of Fellowship Commons Whalley, Inc. It is not intended to, and does not present, the financial position, changes in net assets or cash flows of Fellowship Commons Whalley, Inc. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. 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. Fellowship Commons Whalley, Inc. has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. Fellowship Commons Whalley, Inc. has received various U.S. Department of Housing and Urban Development funding. The loan balances outstanding at the beginning of the year are included in the federal expenditures presented in the schedule. Fellowship Commons Whalley, Inc., received no additional loans during the year. The balance of the loans outstanding at June30, 2022, consist of: SUPPORTIVE HOUSING FOR PERSONS WITH DISABILITIES (14.181) - Balances outstanding at the end of the audit period were 2104300. HOME INVESTMENT PARTNERSHIPS PROGRAM (14.239) - Balances outstanding at the end of the audit period were 56000.