Notes to SEFA
Title: Note A - Basis of Presentation
Accounting Policies: GAAP Accounting on an Accrual Basis
De Minimis Rate Used: N
Rate Explanation: Clayton Place Senior Housing, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Clayton Place Senior Housing, Inc., HUD Project No. 118-EE035 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 Clayton Place Senior Housing, Inc, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Clayton Place Senior Housing, Inc.
Title: Note B - Summary of Significant Accounting Policies
Accounting Policies: GAAP Accounting on an Accrual Basis
De Minimis Rate Used: N
Rate Explanation: Clayton Place Senior Housing, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
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. Clayton Place Senior Housing, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: Note C – U.S. Department of Housing and Urban Development Loan Program
Accounting Policies: GAAP Accounting on an Accrual Basis
De Minimis Rate Used: N
Rate Explanation: Clayton Place Senior Housing, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Clayton 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 Clayton 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 Number 14.157, Program Name Section 202 Direct Loan, Outstanding Balance at December 31, 2022 $755,100.