Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: NOTE 1 BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Proud Ground under programs of the federal government for the year ended December 31, 2022. 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 (the Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Proud Ground & Subsidiary, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Proud Ground.NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized in accordance with the requirements Title 2 CFR Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement. NOTE 3 ASSISTANCE LISTING PROGRAMSThe program titles and Assistance Listing (AL) numbers were obtained from the federal or pass-through grantor or the catalog of federal domestic assistance.
De Minimis Rate Used: N
Rate Explanation: Proud Ground did not elect to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
SELF-HELP HOMEOWNERSHIP OPPORTUNITY PROGRAM (14.247) - Balances outstanding at the end of the audit period were 1823874.