Title: Basis of presentation
Accounting Policies: The expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following, as applicable, either the cost principles in OMB Circular A-
122, Cost Principles for Non-Profit Organizations, or the cost principles contained in the Uniform
Guidance, wherein certain types of expenditures are not allowable or are limited as to
reimbursement. Some amounts presented in the Schedule may differ from amounts presented in, or
used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: Somerset Care, Inc., Project No. 033-22079, has elected not to use the 10-percent de minimis
indirect cost rate allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the
federal award activity of Somerset Care, Inc., Project No. 033-22079, 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, Cost Principles, and Audit Requirements for Federal Awards (“Uniform
Guidance”). Because the Schedule presents only a selected portion of the operations of Somerset
Care, Inc., Project No. 033-22079, it is not intended to, and does not, present the financial position,
changes in net assets, or cash flows of Somerset Care, Inc., Project No. 033-22079.
Title: Federal loan guarantee program
Accounting Policies: The expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following, as applicable, either the cost principles in OMB Circular A-
122, Cost Principles for Non-Profit Organizations, or the cost principles contained in the Uniform
Guidance, wherein certain types of expenditures are not allowable or are limited as to
reimbursement. Some amounts presented in the Schedule may differ from amounts presented in, or
used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: Somerset Care, Inc., Project No. 033-22079, has elected not to use the 10-percent de minimis
indirect cost rate allowed under the Uniform Guidance.
The federal loan guarantee program listed subsequently is administered directly by Somerset Care,
Inc., Project No.033-22079, and balances and transactions relating to this program are included in
Somerset Care, Inc., Project No. 033-22079's basic financial statements. The balance of the loan
outstanding at June 30, 2023, consists of: See the Notes to the SEFA for chart/table
Title: Provider Relief funds
Accounting Policies: The expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following, as applicable, either the cost principles in OMB Circular A-
122, Cost Principles for Non-Profit Organizations, or the cost principles contained in the Uniform
Guidance, wherein certain types of expenditures are not allowable or are limited as to
reimbursement. Some amounts presented in the Schedule may differ from amounts presented in, or
used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: Somerset Care, Inc., Project No. 033-22079, has elected not to use the 10-percent de minimis
indirect cost rate allowed under the Uniform Guidance.
Under terms and conditions of the Provider Relief funds (“PRF”) and American Rescue Plan (ARP)
Rural Distributions under the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act, the
Corporation is required to report COVID-19 related expenses and lost revenue to the U.S.
Department of Health and Human Services (“HHS”). Guidance from HHS has required the reporting
of the COVID-19 related expenses and lost revenue in certain reporting periods based on when
funds were received.
As required by HHS, the 2023 SEFA includes PRF of approximately $340,000, which was received
by the Corporation prior to June 30, 2023. The Corporation recognized as grant income in its
statements of operations and changes in net assets for the years ending June 30, 2023 and 2022,
$-0- and $339,740, respectively, as the terms and conditions of the PRF grants, were satisfied by the
Corporation.