Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: NOTE A - BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards includes the federal award activity of St. PatricksManor, Inc. and is presented on the accrual basis of accounting. The information in this schedule is presented inaccordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform AdministrativeRequirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because theSchedule presents only a selected portion of the operations of St. Patricks Manor, Inc., it is not intended to anddoes not present the financial position, changes in net assets, or cash flows of St. Patricks Manor, Inc.NOTE B SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures arerecognized following the cost principles contained in the Uniform Guidance, wherein certain types of expendituresare not allowable or are limited as to reimbursement. St. Patricks Manor, Inc. has elected not to use the 10-percentde minimis indirect cost rate allowed under the Uniform Guidance.NOTE C U.S. Department of Housing and Urban Development Loan ProgramSt. Patricks Manor, Inc. has received a U.S. Department of Housing and Urban Development Capital Advanceunder Section 202 of the National Housing Act. The Capital Advance balance outstanding at the beginning of theyear is included in the federal expenditures presented in the Schedule. St. Patricks Manor, Inc. received noadditional Capital Advances during the year. The balance of the Capital Advance outstanding at December 31, 2022consists of:Outstanding BalanceCFDA Number Program Name at December 31, 202214.157 Supportive Housing for the Elderly $ 1,783,800
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
SUPPORTIVE HOUSING FOR THE ELDERLY (14.157) - Balances outstanding at the end of the audit period were 1783800.