Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES The schedule of expenditures of federal awards includes the federal grant activity of Opportunity, Inc. for Opportunity House -HUD Project No. 176-HD030 and is presented in accordance with generally accepted accounting principles. The information in this schedule is presented in accordance with the requirements of Title 2 Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Opportunity, Inc. has elected not to use the 10% de minimis indirect cost rate. Opportunity, Inc. has a capital advance included on the schedule of expenditures of federal awards representing a loan balance of $1,866,246 as of June 30, 2022.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
SUPPORTIVE HOUSING FOR PERSONS WITH DISABILITIES (14.181) - Balances outstanding at the end of the audit period were 1866246.