Notes to SEFA
Accounting Policies: GARDEN OF HOPE, INC.NOTES TO SCHEDULE OF EXPENDITURES OF FEDERAL AWARDSFOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2022NOTE 1 -BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards (the SEFA) summarizes the federal expenditures of the Project under programs of the federal government for the year ended September 30, 2022. The amount reported as federal expenditures were obtained from the Projects general ledger. Because the SEFA presents only a selected portion of the operations of the Project, it is not intended to and does not present the financial position, changes in net assets and cash flows of the Project.For purposes of the SEFA, federal awards include all grants, contracts, and similar agreements entered into directly with the federal government and other pass-through entities. The Project has obtained Catalog of Federal Domestic Assistance (Assistance Listing) numbers to ensure that all programs have been identified in the SEFA. Assistance Listing numbers have been appropriately listed by applicable programs. Federal programs with different Assistance Listing numbers that are closely related because they share common compliance requirements are defined as a cluster by the Uniform Guidance.NOTE 2 -FEDERALLY FUNDED AND INSURED MORTGAGESThe mortgage balance is included int the federal expenditures presented in the Schedule. The balance of the outstanding insured mortgage on September 30, 2022, is $4,178,400.NOTE 3 -BASIS OF ACCOUNTINGThis SEFA was prepared on the accrual basis of accounting. NOTE 4 -NONCASH ASSISTANCEThe Project did not receive any federal noncash assistance for the year ending September 30, 2022.NOTE 5 -COST RATEThe Program elected not to use the 10% de minimis cost rate.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.