Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: 1.Basis of PresentationThe accompanying Schedule of Expenditures of Federal Awards (the "Schedule") includes the federal assistance activity of Employment Options, Inc. and Affiliate (the "Organization") under programs of the federal government for the year ended June 30, 2022. The information in the 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 ("Uniform Guidance"). Because the schedule presents only a selected portion of the operations of the Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization.2.Summary of Significant Accounting PoliciesExpenditures 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.4.LoansIncluded in Supportive Housing for Persons with Disabilities is the cumulative amount of capital advances received from the U.S. Department of Housing and Urban Development ("HUD"). HUD requires the Organization to comply with requirements identified in the regulatory agreements with the Organization for forty years under the Capital Advance Program.Included in Disaster Assistance Loans is the total amount of the Economic Injury Disaster Loan ("EIDL") received from the Small Business Administration ("SBA").
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
SUPPORTIVE HOUSING FOR PERSONS WITH DISABILITIES (14.181) - Balances outstanding at the end of the audit period were 675300. COVID 19 - DISASTER ASSISTANCE LOANS (59.008) - Balances outstanding at the end of the audit period were 150000.