Notes to SEFA
Title: Note 4 - Outstanding Loan Balances
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the expenditures of Mid-Peninsula Page Mill Court, Inc. (A California non-profit public benefit corporation) under programs of the federal government for the year ended December 31, 2022. The information in the Schedule is presented in accordance with the requirements of Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards. Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of the financial statements. For purposes of the Schedule, federal awards include all sub awards to Mid-Peninsula Page Mill Court, Inc. by nonfederal organizations pursuant to federal grants, contracts and similar agreements.
De Minimis Rate Used: N
Rate Explanation: Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in OMB Circular A-122, Cost Principles for Non-Profit Organizations, wherein certain types of expenditures are not allowed. Assistance Listing numbers (AL No.) are provided when available. Mid-Peninsula Page Mill Court, Inc. elected not to use the 10% de minimis indirect cost rate.
The following represents the amount of outstanding loans identified by AL No. All loans are provided by HUD and are included in the Schedule. Program Title: Section 811 Capital Advance (AL No. 14.181) - Balances outstanding at the end of the audit period were $2,556,600. Program Title: Community Development Block Grants/Entitlement Grants (AL No. 14.218) - Balances outstanding at the end of the audit period were $669,000.
Title: Note 3 - Prior Years' Expenditures
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the expenditures of Mid-Peninsula Page Mill Court, Inc. (A California non-profit public benefit corporation) under programs of the federal government for the year ended December 31, 2022. The information in the Schedule is presented in accordance with the requirements of Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards. Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of the financial statements. For purposes of the Schedule, federal awards include all sub awards to Mid-Peninsula Page Mill Court, Inc. by nonfederal organizations pursuant to federal grants, contracts and similar agreements.
De Minimis Rate Used: N
Rate Explanation: Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in OMB Circular A-122, Cost Principles for Non-Profit Organizations, wherein certain types of expenditures are not allowed. Assistance Listing numbers (AL No.) are provided when available. Mid-Peninsula Page Mill Court, Inc. elected not to use the 10% de minimis indirect cost rate.
The accompanying Schedule includes $3,410,306 in expenditures from prior years for which continuing compliance is required.