Notes to SEFA
Title: Basis of Presentation
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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of LifeSpan, Inc. and Affiliate (LifeSpan) 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 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 LifeSpan it is not intended to and does not present the financial position, changes in net assets, or cash flows of LifeSpan.
Title: Section 8 Housing Choice Vouchers
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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Section 8 Housing Choice Vouchers federal expenditures represent the subsidies received for the year ended December 31, 2021 by Heritage Court Elderly Housing, LP. The December 31, 2021 financial statements of Heritage Court Elderly Housing, LP are included in these consolidated financial statements. The amount shown on the SEFA does not differ materially from the amount of voucher assistance for the fiscal period July 1, 2021 to June 30, 2022.