Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes thefederal award activity of the Presbyterian Residential Community, Inc. (PRC), HUD Project No.014-43193 under programs of the federal government for the year ended December 31, 2022.The information in this Schedule is presented in accordance with the requirements of Title 2U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, CostPrinciples and Audit Requirements for Federal Awards, (Uniform Guidance). Because theSchedule presents only a selected portion of the operations of the PRC it is not intended toand does not present the financial position, changes in net assets, or cash flows of PRC.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
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 3490622.
Title: Summary of Significant Accounting Policies
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes thefederal award activity of the Presbyterian Residential Community, Inc. (PRC), HUD Project No.014-43193 under programs of the federal government for the year ended December 31, 2022.The information in this Schedule is presented in accordance with the requirements of Title 2U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, CostPrinciples and Audit Requirements for Federal Awards, (Uniform Guidance). Because theSchedule presents only a selected portion of the operations of the PRC it is not intended toand does not present the financial position, changes in net assets, or cash flows of PRC.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Expenditures reported on the Schedule are reported on the accrual basis of accounting inaccordance with GAAP. Such expenditures are recognized following 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 certain types of expenditures are not allowable or are limited as to reimbursement.
Title: Subrecipients
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes thefederal award activity of the Presbyterian Residential Community, Inc. (PRC), HUD Project No.014-43193 under programs of the federal government for the year ended December 31, 2022.The information in this Schedule is presented in accordance with the requirements of Title 2U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, CostPrinciples and Audit Requirements for Federal Awards, (Uniform Guidance). Because theSchedule presents only a selected portion of the operations of the PRC it is not intended toand does not present the financial position, changes in net assets, or cash flows of PRC.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
PRC does not have any subrecipients of federal awards.