Notes to SEFA
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 Egida de la Concepcion, Inc., HUD Project No.056-11030, and is presented on the accrual basis of accounting. The information in this schedule is 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 Egida de la Concepcion, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Egida de la Concepcion, Inc.NOTE BSUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported 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 allowable or are limited as to Egida de la Concepcion, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.NOTE CU.S. Department of Housing and Urban Development Loan ProgramSaint Just Home for the Elderly, Inc. has received a U.S. Department of Housing and Urban Development direct loan under Section 202 of the National Housing Act. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. Egida de la Concepcion, Inc. received no additional loans during the year. The balance outstanding at September 30, 2022 consists of:Program NameFederal Assistance NumberOutstandingBalanceSection 202, Supportive Housing for the Elderly14.157$1,906,450
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 1906450.