Notes to SEFA
Title: Loans
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of United Community Health Center - Maria Auxiliadora, Inc. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Department of Agriculture has guaranteed a loan for the Center. The original amount of the loan was $4,335,000, payable in fixed monthly installments of $22,530 for a period of 30 years at 3.99% interest. The outstanding balance on the loan was $3,549,177 at January 31, 2022. It has been determined that there are no special provisions or requirements other than to pay back the loan in a timely fashion, so the outstanding balance has not been included in the Schedule of Expenditures of Federal Awards for the year ended January 31, 2022.
Title: NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of United Community Health Center - Maria Auxiliadora, Inc. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Expenditures 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 reimbursement. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements.