Notes to SEFA
Title: Loan/loan guarantee outstanding balance
Accounting Policies: NOTE 1 -BASIS OF PRESENTATION-The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Life Help under programs of the federal government for the year ended December 31, 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 (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Life Help, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Life Help.NOTE 2- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES1) 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.2) Pass-through entity identifying numbers are presented where available.NOTE 3- INDIRECT COST RATE-Life Help has elected not to use the 10% de Minimis indirect cost rate allowed under the Uniform Guidance.NOTE4-FEDERALLOANS-The Commission was approved for three Rural Development Loans in prior years. These funds were used to construct or renovate treatment facilities. The amounts listed in the schedule represent the outstanding loan balances for each loanas of January 1, 2022.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Commission was approved for three Rural Development Loans in prior years. These funds were used to construct or renovate treatment facilities. The amounts listed in the schedule represent the outstanding loan balances for each loans of January 1, 2022.