Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in OMB Circular A-122,Cost Principles for Non-profit Organizations, wherein certain types of expenditures are notallowable or are limited as to reimbursement.Ministry in Action Living Center of Lufkin, Inc. has elected not to use the 10 percent deminimus indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
MORTGAGE INSURANCE FOR THE PURCHASE OR REFINANCING OF EXISTING MULTIFAMILY HOUSING PROJECTS (14.155) - Balances outstanding at the end of the audit period were 1057177.
Title: NOTE 1 - BASIS OF PRESENTATION
Accounting Policies: NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in OMB Circular A-122,Cost Principles for Non-profit Organizations, wherein certain types of expenditures are notallowable or are limited as to reimbursement.Ministry in Action Living Center of Lufkin, Inc. has elected not to use the 10 percent deminimus indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule) includes thefederal grant activity of Ministry in Action Living Center of Lufkin, Inc., HUD Project No.114-11361, and is presented on the accrual basis of accounting. The information in theSchedule is presented in accordance with the requirements of Title 2 U.S. Code of FederalRegulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, andAudit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presentsonly a selected portion of the operations of Ministry in Action Living Center of Lufkin, Inc.,it is not intended to and does not present the financial position, changes in net assets, or cashflows of Ministry in Action Living Center of Lufkin, Inc.
Title: NOTE 3 - MORTGAGE NOTE PAYABLE
Accounting Policies: NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in OMB Circular A-122,Cost Principles for Non-profit Organizations, wherein certain types of expenditures are notallowable or are limited as to reimbursement.Ministry in Action Living Center of Lufkin, Inc. has elected not to use the 10 percent deminimus indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The outstanding balance of the loan and loan guarantee program at June 30, 2022 withcontinuing compliance requirements which are reported as federal expenditures on theaccompanying schedule of expenditures of federal awards was $1,057,177.