Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported in 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 allowed or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Home under the 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 (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Home, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Home.
Title: FEDERAL LOAN
Accounting Policies: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported in 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 allowed or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
As a result of the COVID19 pandemic, on June 25, 2020, the Home received a loan (EIDL economic injury disaster loan) from the Small Business Administration totaling $150,000. The amount listed for this loan includes the beginning of the year loan balance and no other loan activities during the year. The outstanding principal balance at June 30, 2022 was $150,000. The loan balance is reported in the Statement of Financial Position and in the Note Disclosures.
Title: RECONCILIATION OF TOTAL EXPENDITURES OF FEDERAL AWARDS TO THE BASIC FINANCI
Accounting Policies: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported in 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 allowed or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The following is a summary reconciliation of total expenditures of federal awards as reported in this report to the financial statements:Total expenditures reported in the Schedule of Expenditure of Federal Awards $ 872,210Add: expenditures funded by other sources 929,693Total expenditures reported in the basic financial statements. $ 1,801,903