Notes to SEFA
Accounting Policies: 1.Basis of AccountingThe accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of McDonald Presbyterian Senior Housing, Inc. d/b/a HaveLoch Commons (the Corporation) and is prepared using the accrual basis of accounting.2.Relationship to Basic Financial StatementsThe information in the 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 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: The auditee did not use the de minimis cost rate.