Title: BASIS OF PRESENTATION
Accounting Policies: Expenses reported on the Schedule are reported on the accrual basis of accounting. Such expenses are recognized following the cost principles contained in the Uniform Guidance and/or OMB Circular A-87, Cost Principles for State, Local and Indian Tribal Governments, wherein certain types of expenses are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Folsom Oaks elected not to use the 10% de minimus indirect cost rate as covered in 2 CFR §200.414.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Folsom Oaks 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 Part 200, Uniform Administrative Requirements, Costs Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of Folsom Oaks’ operations, it is not intended to be and does not present the financial position, changes in net position, or cash flows of Folsom Oaks.
Title: SUBRECIPIENTS
Accounting Policies: Expenses reported on the Schedule are reported on the accrual basis of accounting. Such expenses are recognized following the cost principles contained in the Uniform Guidance and/or OMB Circular A-87, Cost Principles for State, Local and Indian Tribal Governments, wherein certain types of expenses are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Folsom Oaks elected not to use the 10% de minimus indirect cost rate as covered in 2 CFR §200.414.
There were no subrecipients of Folsom Oaks’ programs during the year ended June 30, 2023.
Title: PROGRAM COSTS/MATCHING CONTRIBUTIONS
Accounting Policies: Expenses reported on the Schedule are reported on the accrual basis of accounting. Such expenses are recognized following the cost principles contained in the Uniform Guidance and/or OMB Circular A-87, Cost Principles for State, Local and Indian Tribal Governments, wherein certain types of expenses are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Folsom Oaks elected not to use the 10% de minimus indirect cost rate as covered in 2 CFR §200.414.
The amounts shown as current year expenses represent only the (federal/state/local) grant portion of the program costs. Entire program costs, including Folsom Oaks’ portion, may be more than shown.
Title: LOAN PROGRAMS
Accounting Policies: Expenses reported on the Schedule are reported on the accrual basis of accounting. Such expenses are recognized following the cost principles contained in the Uniform Guidance and/or OMB Circular A-87, Cost Principles for State, Local and Indian Tribal Governments, wherein certain types of expenses are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Folsom Oaks elected not to use the 10% de minimus indirect cost rate as covered in 2 CFR §200.414.
The outstanding balances of loan programs were as follows:
Supportive Housing for Persons with Disabilities 14.181 $ 3,484,200
Title: NONCASH AWARDS
Accounting Policies: Expenses reported on the Schedule are reported on the accrual basis of accounting. Such expenses are recognized following the cost principles contained in the Uniform Guidance and/or OMB Circular A-87, Cost Principles for State, Local and Indian Tribal Governments, wherein certain types of expenses are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Folsom Oaks elected not to use the 10% de minimus indirect cost rate as covered in 2 CFR §200.414.
No noncash awards existed in the current year.