Notes to SEFA
Title: SBA Economic Injury Disaster Loan Program
Accounting Policies: Basis of PresentationThe accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity ofCARE Coalition (the Organization) under programs of 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 of FederalRegulations Part 200, Uniform Guidance Requirements, Cost Principles, and Audit Requirements for FederalAwards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of theOrganization, it is not intended to and does not present the financial position, changes in net assets, or cash flows ofthe Organization.Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures arerecognized following the cost principles contained in the Uniform Guidance, wherein certain types of expendituresare not allowable or are limited as to reimbursement. For cost reimbursement grants, federal awards are consideredexpended when the transactions occur. For program income, federal awards are considered expended when fundsare received or used.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Organization entered into a long-term debt during the period in the amount of $150,000 pursuant to the SBA Economic Injury Disaster Loan program under Sec 2., S.4167 of the CARES Act, which was enacted on March 27,2020. The outstanding principal balance on the loan is included in this schedule, which includes increases of debtduring deferment period of $8,481. The balance of the loan outstanding as of June 30, 2022, consists of:Program Title: Economic Injury Disaster LoansFederal CFDA Number: 59.008Amount Outstanding: $158,481