Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying Consolidated Schedule of Expenditures of Federal Awards (Schedule) includes the federal award activity of Home of Guiding Hands Corporation and Affiliates (collectively, the Organization) under programs of the federal government for the year ended June 30, 2023. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Organization, it is not intended to and does not present the consolidated financial position, changes in net assets or cash flows of the Organization. The Schedule includes loans granted under Supportive Housing for Persons with Disabilities as expenditures of federal awards.
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 1037000. The capital advance loans are draws made by Anja House and Aquilla House to purchase property under capital advance agreements with the U.S. Department of Housing and Urban Development (HUD). The loans bear no interest and are not required to be repaid as long as the houses remain available for low income persons with disabilities for a period of 40 years.