Notes to SEFA
Title: HUD CAPITAL ADVANCE
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes thefederal award activity of Titusville Senior Housing Corporation dba: Von Bora Place (theCorporation) under programs of the federal government for the year ended June 30, 2022.The information in this Schedule is presented in accordance with the requirements of2 CFR Part 200, Uniform Administrative Requirements, Cost Principles, and AuditRequirements for Federal Awards (Uniform Guidance). Because the Schedule presents onlya selected portion of the operations of the Corporation, it is not intended to and does notpresent the financial position, changes in net assets, or cash flows of the Corporation. Expenditures reported on the Schedule are reported on the accrual basis of accounting.Such expenditures are recognized following, as applicable, either the cost principles inOMB Circular A-122, Cost Principles for Non-Profit Organizations, or the cost principlescontained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform AdministrativeRequirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certaintypes of expenditures are not allowable or are limited as to reimbursement. Negativeamounts shown on the Schedule represent adjustments or credits made in the normalcourse of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The balance of the HUD capital advance outstanding at the beginning of the year is includedin the federal expenditures presented in the Schedule. There were no additional HUD loansduring the year. The Corporation has an outstanding loan balance of $1,743,668 withcontinuing compliance requirements.