Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Basis of PresentationThis schedule includes the federal grant activity of Boulevard Gardens Senior Housing under programs of thefederal government for the year ended December 31, 2022. The information presented in this schedule ispresented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, UniformAdministrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the UniformGuidance). Because the schedule presents only a selected portion of the operations of Boulevard GardensSenior Housing, it is not intended to and does not present the financial position, changes in net assets, orcash flows of Boulevard Gardens Senior Housing.
De Minimis Rate Used: N
Rate Explanation: Summary of Significant Accounting Policies1) Expenditures reported on the Schedule are reported on the accrual basis of accounting, except for thecapital advance as discussed below.2) Boulevard Gardens Senior Housings federal award is not based on eligible costs incurred. AccordinglyBoulevard Gardens Senior Housing has not made an election related to the use of the 10% de minimisindirect cost rate described in the Uniform Guidance.
Capital AdvanceFederal expenditures reported as capital advances represent the beginning of the year balance of a capitaladvance outstanding from the previous years for which the grantor imposes continuing compliancerequirements. The balance of the capital advance outstanding as of December 31, 2022 was $3,120,200.