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 Uniform Guidance, whereincertain types of expenditures are not allowable or are limited as to reimbursement.(b) The Corporation has elected not to use the 10 percent de minimis indirect cost rate as allowed underthe Uniform Guidance.(c) The outstanding balance of loan and loan guarantee programs at June 30, 2022 with continuingcompliance requirements which are reported as federal expenditures on the accompanying schedule ofexpenditures of federal awards was $7,773,000.
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 7773000.
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 Uniform Guidance, whereincertain types of expenditures are not allowable or are limited as to reimbursement.(b) The Corporation has elected not to use the 10 percent de minimis indirect cost rate as allowed underthe Uniform Guidance.(c) The outstanding balance of loan and loan guarantee programs at June 30, 2022 with continuingcompliance requirements which are reported as federal expenditures on the accompanying schedule ofexpenditures of federal awards was $7,773,000.
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 the federalaward activity of National Church Residences of South River II, Inc. (the Corporation) under programsof 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 ofFederal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and AuditRequirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a portion ofthe Corporation, it is not intended to and does not present the Corporations financial position, changes innet assets or cash flows.