Notes to SEFA
Title: 4.LOANS OUTSTANDING AND LOAN GUARANTEES
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of MHSI and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the general purpose financial statements. The accompanying Schedule of Expenditures of Federal Awards is presented using the cost principles from Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Subpart E Cost Principles.
De Minimis Rate Used: N
Rate Explanation: MHSI did not elect to use the 10.00% de minimus indirect cost rate from Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Subpart E Cost Principles. No indirect costs were charged to federal programs during the year ended June 30, 2023.
MHSI received a loan guarantee from the United States Department from Agriculture under Assistance Listing Number 10.766, Community Facilities Loans and Grants. The ending balance of loans outstanding at June 30, 2023, with continuing compliance requirements is $6,468,966.