Audit 48503

Title: Loan/loan guarantee outstanding balances Accounting Policies: NOTES TO THE SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS NOTE A: BASIS OF PRESENTATIONThe accompanying schedule of expenditures of Federal awards includes the Federal award activity of St. Marys Elderly Housing Corporation, Inc., under programs of the federal government for the year ended October 31, 2022 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 selected portion of the operations of St. Marys Elderly Housing Corporation, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of St. Marys Elderly Housing Corporation, Inc.NOTE B: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the schedule are 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 to reimbursements. St. Marys Elderly Housing Corporation, Inc. has elected not to use the 10 percent de minimis indirect cost rate allowed under Uniform Guidance.NOTE C: FEDERAL LOAN PROGRAMSThe federal loan programs are administered directly by St. Marys Elderly Housing Corporation, Inc., and balances and transactions relating to the programs are included in the Organizations basic financial statements. Loans outstanding at the beginning of the year, and loans made during the year, are included in the federal expenditures presented in the schedule of expenditures of Federal Awards. The balance of loans outstanding as of October 31, 2022 consists of:CFDA Number Program Name Outstanding balance at October 31, 2022 14.182 Section 221(d)(4) Substantial Rehabilitation $5,176,795 De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. SECTION 8 NEW CONSTRUCTION AND SUBSTANTIAL REHABILITATION (14.182) - Balances outstanding at the end of the audit period were 5176795.