Notes to SEFA
Title: Loans Outstanding and Restricted Grants
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the Federal assistance activity of the Organization 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 (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. The Organization's consolidated financial statements include the operations of 51-57 Beal's Street LLC which received $1,609,686 in Federal awards which is not included in the Organization's Schedule of Expenditures of Federal Award during the year ended June 30, 2022.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The following programs' expenditures listed above include outstanding loan balances and restricted grant balances of $6,573,103 at June 30, 2022. See the Notes to the SEFA for table.