Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: (a) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in the UniformGuidance, wherein certain types of expenditures are not allowable or are limited as toreimbursement.(b) Florence United Methodist Church Properties, Inc. has elected not to use the 10 percent deminimis indirect cost rate as allowed under the Uniform Guidance.(c) The outstanding balance of loan and loan guarantee program at June 30, 2022 withcontinuing compliance requirements which are reported as federal expenditures on theaccompanying schedule of expenditures of federal awards was $2,276,900.
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 2276900.
Title: Basis of Presentation
Accounting Policies: (a) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in the UniformGuidance, wherein certain types of expenditures are not allowable or are limited as toreimbursement.(b) Florence United Methodist Church Properties, Inc. has elected not to use the 10 percent deminimis indirect cost rate as allowed under the Uniform Guidance.(c) The outstanding balance of loan and loan guarantee program at June 30, 2022 withcontinuing compliance requirements which are reported as federal expenditures on theaccompanying schedule of expenditures of federal awards was $2,276,900.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes thefederal grant activity of Florence United Methodist Church Properties, Inc. and is presented onthe accrual basis of accounting. The information in this schedule is presented in accordance withthe requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, UniformAdministrative Requirements, Cost Principles, and Audit Requirements for Federal Awards(Uniform Guidance). Therefore, some amounts presented in this Schedule may differ fromamounts presented in, or used in the preparation of, the basic financial statements.