Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIESThe schedule of expenditures of federal awards includes the federal grant activity ofSmith Hall, Inc. - HUD Project No. 176-EE004 and is presented in accordance withthe requirements of Title 2 Code of Federal Regulations (CFR) Part 200, UniformAdministrative Requirements, Cost Principles, and Audit Requirements forFederal Awards. Because the Schedule presents only a selected portion of financialinformation of Smith Hall, Inc. it is not intended to and does not present thefinancial position, changes in net assets or cash flows of Smith Hall, Inc.Smith Hall, Inc. has elected not to use the 10% de minimis indirect cost rate.Smith Hall, Inc. has a capital advance included on the schedule of expenditures offederal awards representing a loan balance at December 31, 2022 of $2,921,400.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
SUPPORTIVE HOUSING FOR THE ELDERLY (14.157) - Balances outstanding at the end of the audit period were 2921400.