Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: (a) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in the UniformGuidance, wherein certain types of expenditures are not allowable or are limited as toreimbursement.(b) Ohio Conference AME Housing, Inc. has elected not to use the 10 percent de minimisindirect cost rate as allowed under the Uniform Guidance.(c) The outstanding balance of 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 $1,708,948.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
PROJECT MORTGAGE INSURANCE FOR THE PURCHASE OR REFINANCING OF EXISTING MULTIFAMILY HOUSING PROJECTS (14.155) - Balances outstanding at the end of the audit period were 1708948.
Title: Basis of Presentation
Accounting Policies: (a) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in the UniformGuidance, wherein certain types of expenditures are not allowable or are limited as toreimbursement.(b) Ohio Conference AME Housing, Inc. has elected not to use the 10 percent de minimisindirect cost rate as allowed under the Uniform Guidance.(c) The outstanding balance of 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 $1,708,948.
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 Ohio Conference AME Housing, Inc. and is presented on the accrualbasis of accounting. The information in this schedule is presented in accordance with therequirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, UniformAdministrative Requirements, Cost Principles, and Audit Requirements for Federal Awards(Uniform Guidance). Therefore, some amounts presented in this Schedule may differ fromamounts presented in, or used in the preparation of, the basic financial statements.