Notes to SEFA
Title: Federal loan program
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Bay Cove Human Services, Inc. and Affiliates (the Agency) under programs of the federal government for the year ended June 30, 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 (the Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Agency, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Agency. For the year ended June 30, 2022, no awards were passed through to sub recipients.
De Minimis Rate Used: Y
Rate Explanation: 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. The Agency has elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The federal loan program listed below if administered directly by the U.S. Department of Housing and Urban Development, and balances and transactions relating to this program is included in the Agency's basic financial statements. Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in this Schedule. The balance of the loan outstanding as of June 30, 2022 consist of: 14.181 (Supportive Housing for Persons with Disabilities) of $1,948,400.
Title: COVID-19 - Provider Relief Fund and American Rescue Plan Rural Distribution
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Bay Cove Human Services, Inc. and Affiliates (the Agency) under programs of the federal government for the year ended June 30, 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 (the Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Agency, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Agency. For the year ended June 30, 2022, no awards were passed through to sub recipients.
De Minimis Rate Used: Y
Rate Explanation: 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. The Agency has elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
For the HHS awards related to the Provider Relief Fund and American Rescue Plan (ARP) Rural Distribution (PRF) program, HHS has indicated the amounts on the Schedule be reported corresponding to reporting requirements of the HRSA PRF Reporting Portal. Payments from HHS for PRF are assigned to `Payment Received Periods' (each, a Period) based upon the date each payment from the PRF was received. Each Period has a specified Period of Availability and timing of reporting requirements. Entities report into the HRSA PRF Reporting Portal after each Period's deadline to use the funds (i.e., after the end of the Period of Availability). The schedule includes $2,450,895 received from HHS between October 8, 2020 through November 2, 2020. In accordance with guidance from HHS, these amounts represent Period 2. Such amounts were recognized as program service fees in the consolidated financial statements in the year ended June 30, 2021.