Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: NOTE A BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards (SEFA) includes the federal award activityof the Western Plains Youth and Family Services, Inc. (the Organization) under programs of the federalgovernment for the year ended June 30, 2022. The information in this SEFA is presented in accordancewith the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform AdministrativeRequirements, Cost Principles and Audit Requirements for Federal Awards (Uniform Guidance). Becausethe SEFA presents only a selected portion of the operations of the Organization, it is not intended to anddoes not present the financial position, changes in net position, or cash flows of the Organization.NOTE B SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the SEFA are reported on the accrual basis of accounting. Such expendituresare recognized following the cost principles contained in the Uniform Guidance, wherein certain types ofexpenditures are not allowable or are limited as to reimbursement. The Organization has elected not touse the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.NOTE C COMMUNITY FACILITIES LOAN PROGRAMDuring fiscal 2020, the Organization signed a mortgage note with the United States Department ofAgriculture under the 10.766 Community Facilities Loans and Grants Cluster program to finance theremodel and update of their facility. The mortgage note for $1,000,000 was dated June 5, 2020 with anannual interest rate of 3.88% and the final payment on due June 5, 2055. The current year balance is$965,229
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
COMMUNITY FACILITIES LOANS AND GRANTS (10.766) - Balances outstanding at the end of the audit period were 965229.