Audit 19767

Title: Loan/loan guarantee outstanding balances Accounting Policies: Note A - Basis of PresentationThe accompanying schedule of expenditures of federal awards includes the federal grant activity of the Belmont Place Senior Housing, Inc., HUD Project No. 118-EE027 and is presented on the accrual basis and in conformity with generally accepted accounting principles accepted in the United States of America. 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. Because the Schedule presents only a selected portion of the operations of Belmont Place Senior Housing, Inc, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Belmont Place Senior Housing, Inc.Note B - Summary of Significant Accounting PoliciesExpenditures 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. Belmont Place Senior Housing, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.Note C U.S. Department of Housing and Urban Development Loan ProgramThe Belmont Place Senior Housing, Inc. has received a U.S. Department of Housing and Urban Development direct loan under Section 202 of the National Housing Act. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. The Belmont Place Senior Housing, Inc. received no additional loans during the year. The balance of the loan outstanding at December 31, 2022 consists of:Federal Assistance Listing NumberProgram NameOutstanding Balance at December 31, 202214.157Section 202 Direct Loan$ 1,141,000 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 1141000.