Title: Note 3 - Noncash Assistance
Accounting Policies: BASIS OF PRESENTATION
The accompanying Schedule of Expenditures of Federal Awards includes all federal grant activity of Capitol Retirement Village, Inc. HUD Project No. 072-EE141 (Project) 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 Project, it is not intended to and does not present the financial position, change in net assets, or cash flows of the Project.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200 Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Project has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate
The mortgage note in the amount of $5,151,500 is payable to the U.S. Department of Housing and Urban Development in the event the building is not used as defined in the HUD regulatory agreement. More information is provided in the notes to the financial statements.
Title: Note 4 - Subrecipients
Accounting Policies: BASIS OF PRESENTATION
The accompanying Schedule of Expenditures of Federal Awards includes all federal grant activity of Capitol Retirement Village, Inc. HUD Project No. 072-EE141 (Project) 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 Project, it is not intended to and does not present the financial position, change in net assets, or cash flows of the Project.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200 Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Project has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate
There were no amounts passed on to subrecipients.
Title: Note 5 - Insurance Coverage
Accounting Policies: BASIS OF PRESENTATION
The accompanying Schedule of Expenditures of Federal Awards includes all federal grant activity of Capitol Retirement Village, Inc. HUD Project No. 072-EE141 (Project) 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 Project, it is not intended to and does not present the financial position, change in net assets, or cash flows of the Project.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200 Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Project has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate
The Project has no federal insurance coverage.
Title: Note 6 - Loans and Loan Guarantees
Accounting Policies: BASIS OF PRESENTATION
The accompanying Schedule of Expenditures of Federal Awards includes all federal grant activity of Capitol Retirement Village, Inc. HUD Project No. 072-EE141 (Project) 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 Project, it is not intended to and does not present the financial position, change in net assets, or cash flows of the Project.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200 Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Project has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate
With respect to federal awards, there were no loan guarantees outstanding as of June 30, 2023. The outstanding loan balance as of June 30, 2023 was $5,151,500.