Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity ofHSMTN/The Lodge at Natchez Trace, LLC, HUD Project No. 086-43050 (the Project) under programs of thefederal government for the year ended December 31, 2022. 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 the Project, it is not intended to and does not presentthe financial position, changes in net assets or cash flows of the Project.
De Minimis Rate Used: N
Rate Explanation: Expenditures 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. The Project has not elected to use the 10-percent de minimisindirect cost rate as allowed under the Uniform Guidance.
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 8220566.
Title: U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOAN PROGRAM
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity ofHSMTN/The Lodge at Natchez Trace, LLC, HUD Project No. 086-43050 (the Project) under programs of thefederal government for the year ended December 31, 2022. 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 the Project, it is not intended to and does not presentthe financial position, changes in net assets or cash flows of the Project.
De Minimis Rate Used: N
Rate Explanation: Expenditures 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. The Project has not elected to use the 10-percent de minimisindirect cost rate as allowed under the Uniform Guidance.
The Project has received a U.S. Department of Housing and Urban Development direct loan under Section 232 of theNational Housing Act. The loan balance outstanding at the beginning of the year is included in the federalexpenditures presented in the Schedule. The Project received no additional loans during the year. The loan balanceoutstanding at the end of the year was $8,220,566.
Title: SUBRECIPIENTS
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity ofHSMTN/The Lodge at Natchez Trace, LLC, HUD Project No. 086-43050 (the Project) under programs of thefederal government for the year ended December 31, 2022. 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 the Project, it is not intended to and does not presentthe financial position, changes in net assets or cash flows of the Project.
De Minimis Rate Used: N
Rate Explanation: Expenditures 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. The Project has not elected to use the 10-percent de minimisindirect cost rate as allowed under the Uniform Guidance.
HSMTN/The Lodge at Natchez Trace, LLC did not pass any federal awards to subrecipients.