Title: Note 3 - Loan/loan guarantee outstanding balances
Accounting Policies: Note 1 Summary of Significant Accounting PoliciesThe accompanying schedule of expenditures of federal awards includes the federal grant activities of BoleyCenters, Inc. (Boley) for the year ended June 30, 2022. The information in this schedule is presented inaccordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, UniformAdministrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (UniformGuidance). Because the schedule presents only a selected portion of the operations of Boley, it is notintended to and does not present the financial position, changes in net assets, or cash flows of Boley.Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expendituresare recognized following the cost principles contained in the Uniform Guidance, wherein certain types ofexpenditures are not allowable or are limited as to reimbursement.The Boley Centers, Inc. and affiliates consolidated financial statements include organizational unitsexpending $750,000 or more in federal awards that have separate Uniform Guidance audits that are notincluded in this single audit.
De Minimis Rate Used: N
Rate Explanation: Note 2 Indirect CostsBoley has elected not to use the 10% de minimis cost rate allowed by the Uniform Guidance.
COMMUNITY DEVELOPMENT BLOCK GRANTS/ENTITLEMENT GRANTS (14.218) - Balances outstanding at the end of the audit period were 1567925. COMMUNITY DEVELOPMENT BLOCK GRANTS/ENTITLEMENT GRANTS (14.218) - Balances outstanding at the end of the audit period were 870073. HOME INVESTMENT PARTNERSHIPS PROGRAM (14.239) - Balances outstanding at the end of the audit period were 510748. HOME INVESTMENT PARTNERSHIPS PROGRAM (14.239) - Balances outstanding at the end of the audit period were 2135880. HOME INVESTMENT PARTNERSHIPS PROGRAM (14.239) - Balances outstanding at the end of the audit period were 325000. HOME INVESTMENT PARTNERSHIPS PROGRAM (14.239) - Balances outstanding at the end of the audit period were 238144. HOME INVESTMENT PARTNERSHIPS PROGRAM (14.239) - Balances outstanding at the end of the audit period were 268965. HOME INVESTMENT PARTNERSHIPS PROGRAM (14.239) - Balances outstanding at the end of the audit period were 433812.
Title: Note 4 Support Requiring Matching Funds
Accounting Policies: Note 1 Summary of Significant Accounting PoliciesThe accompanying schedule of expenditures of federal awards includes the federal grant activities of BoleyCenters, Inc. (Boley) for the year ended June 30, 2022. The information in this schedule is presented inaccordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, UniformAdministrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (UniformGuidance). Because the schedule presents only a selected portion of the operations of Boley, it is notintended to and does not present the financial position, changes in net assets, or cash flows of Boley.Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expendituresare recognized following the cost principles contained in the Uniform Guidance, wherein certain types ofexpenditures are not allowable or are limited as to reimbursement.The Boley Centers, Inc. and affiliates consolidated financial statements include organizational unitsexpending $750,000 or more in federal awards that have separate Uniform Guidance audits that are notincluded in this single audit.
De Minimis Rate Used: N
Rate Explanation: Note 2 Indirect CostsBoley has elected not to use the 10% de minimis cost rate allowed by the Uniform Guidance.
From time to time, Boley receives funding from various sources that require Boley to obtain matchingfunds. During the year ended June 30, 2022, Boley obtained the required amount of matching funds.
Title: Note 5 Contingency
Accounting Policies: Note 1 Summary of Significant Accounting PoliciesThe accompanying schedule of expenditures of federal awards includes the federal grant activities of BoleyCenters, Inc. (Boley) for the year ended June 30, 2022. The information in this schedule is presented inaccordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, UniformAdministrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (UniformGuidance). Because the schedule presents only a selected portion of the operations of Boley, it is notintended to and does not present the financial position, changes in net assets, or cash flows of Boley.Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expendituresare recognized following the cost principles contained in the Uniform Guidance, wherein certain types ofexpenditures are not allowable or are limited as to reimbursement.The Boley Centers, Inc. and affiliates consolidated financial statements include organizational unitsexpending $750,000 or more in federal awards that have separate Uniform Guidance audits that are notincluded in this single audit.
De Minimis Rate Used: N
Rate Explanation: Note 2 Indirect CostsBoley has elected not to use the 10% de minimis cost rate allowed by the Uniform Guidance.
Expenditures incurred by Boley are subject to audit and possible disallowance by federal agencies.Management believes that, if audited, an adjustment for disallowed expenses would be immaterial.