Audit 47208

Title: Loan/loan guarantee outstanding balances Accounting Policies: NOTE A - BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards includes the federal award activity of MarionElderly Housing, Inc. and is presented on the accrual basis of accounting. The information in this scheduleis 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 MarionElderly Housing, Inc., it is not intended to and does not present the financial position, changes in net assets,or cash flows of Marion Elderly Housing, Inc.NOTE B SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule 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. Marion Elderly Housing, Inc. has electednot to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.NOTE C U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOAN PROGRAMMarion Elderly Housing, Inc. has received a U.S. Department of Housing and Urban Development CapitalAdvance under Section 202 of the National Housing Act. The Capital Advance under Section 202 balanceoutstanding at the beginning of the year is included in the federal expenditures presented in the Schedule.Marion Elderly Housing, Inc. received no additional Capital Advance loans during the year. The balanceof the Capital Advance outstanding at September 30, 2022 consists of:CFDANumber Program NameOutstanding Balanceat September 30, 2022Supportive Housing for the ElderlySection 202 Capital Advance14.157 $ 2,700,200 De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. SUPPORTIVE HOUSING FOR THE ELDERLY (14.157) - Balances outstanding at the end of the audit period were 2700200.