Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Note 1:Basis of Presentation - The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of The Resurrection Project and Affiliates (TRP) under programs of the federal government for the year ended December 31, 2022. 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 TRP, it is not intended to and does not present the financial position, changes in net assets or cash flows of TRP.Note 2:Summary of Significant Accounting Policies - 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. Negative amounts shown on the Schedule, if any, represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Note 3:Indirect Cost Rate - TRP has elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The federal loan programs listed subsequently are administered directly by TRP, and balances and transactions relating to these programs are included in TRPs basic consolidated financial statements. Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule. The balance of loans outstanding at December 31, 2022, consists of: COMMUNITY DEVELOPMENT BLOCK GRANTS_SECTION 108 LOAN GUARANTEES (14.248) - Balances outstanding at the end of the audit period were 750000. NEIGHBORHOOD STABILIZATION PROGRAM TECHNICAL ASSISTANCE (14.256) - Balances outstanding at the end of the audit period were 3300000.