Notes to SEFA
Title: Note C — U.S. Department of Housing and Urban Development Loan Program:
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Marian Heights, Inc. 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). The schedule presents only a selected portion of the operations of Marian Heights, Inc. It is not intended
to, and does not present, the financial position, changes in net assets or cash flows of Marian Heights, Inc.
De Minimis Rate Used: N
Rate Explanation: 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. Marian Heights, Inc. has elected not to use the 10 percent de minimis
indirect cost rate as allowed under the Uniform Guidance.
Marian Heights, Inc. has received various U.S. Department of Housing and Urban Development funding. The loan balances outstanding at the beginning of the year are
included in the federal expenditures presented in the Schedule. Marian Heights, Inc. received no additional loans during the year. The balance of the loans outstanding at
December 31, 2022, consist of:
CFDA
Program Name No.
Section 202 Capital Advance 14.157 $ 6,361,600
HOME Investment Partnership 14.239 2,100,000
Community Development Block Grants 14.225 33,343