Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: NOTE 1BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Mizpah Assisted Living Services, Inc. under programs of the federal government for the year ended May 31, 2022. The information in this Schedule is presented in accordance with the requirements of 2 CFR 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 Mizpah Assisted Living Services, Inc., it is not intended to and does not present the financial position, changes in net deficit, or cash flows of Mizpah Assisted Living Services, Inc.At May 31, 2022, the balance of Mizpah Assisted Living Services, Inc.s HUD mortgage is $1,657,417, as represented by the Insured Mortgage Note Payable federal program above.
De Minimis Rate Used: Y
Rate Explanation: NOTE 2SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles in OMB Circular A-122, Cost Principles for Non-Profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Mizpah Assisted Living Services, Inc. has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance
MORTGAGE INSURANCE_NURSING HOMES, INTERMEDIATE CARE FACILITIES, BOARD AND CARE HOMES AND ASSISTED LIVING FACILITIES (14.129) - Balances outstanding at the end of the audit period were 1657417.