Notes to SEFA
Title: Loan and loan guarantee outstanding balances
Accounting Policies: The accompanying schedule of expenditures of federal awards (The "Schedule") includes the federal award
activity of Akron Care Center Inc., and is presented on the accrual basis of accounting. 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). Because the Schedule presents only a selected portion of the operations of Akron Care
Center, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows
of Akron Care Center, Inc. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are
recognized following the cost principles in the Uniform Guidance, wherein certain types of expenditures are not
allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Akron Care Center, Inc. has received a U.S. Department of Agriculture Community Facilities Loans & Grants. The loan balance outstanding at the beginning of the audit period is included in the federal expenditures presented in the Schedule. Akron Care Center, Inc. received no additional loans during the audit period. The following loan balances were outstanding at June 30, 2023 - Assistance Listing Number 10.766, Amount Outstanding is $3,352,320