Notes to SEFA
Title: LOAN OUTSTANDING
Accounting Policies: The Project uses the accrual basis of accounting to report federal awards expended. For financial statement presentation, grant revenues used to acquire fixed assets are deferred and recognized over the estimated useful lives of assets acquired. 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, Cost Principles and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Project has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Jaycee-HDC, Inc. had two outstanding HUD insured loan balances at June 30, 2023. The loan balances at the beginning of the year are included in the Federal Expenditures presented in the schedule. The Project received no additional loans during the year. The balances of the loans outstanding at June 30, 2023 were $2,211,476 and $3,575,468, respectively.