Audit 23827

Title: Loan/loan guarantee outstanding balances Accounting Policies: A. Purpose of Schedule and Reporting Entity: The accompanying Schedule of Expenditures of Federal Awards of the Garden City Senior Housing, Inc. has been prepared to comply with U.S. Office of Management and Budget Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). The Uniform Guidance requires a schedule of expenditures of federal awards showing total expenditures for each federal financial assistance program as identified in the catalog of federal domestic assistance and identification of federal financial assistance programs which have not been assigned a CFDA number.The accompanying schedule includes all federal financial assistance programs administered by the Garden City Senior Housing, Inc. B. Basis of Presentation: The accompanying Schedule of Expenditures of Federal Awards is presented in accordance with Uniform Guidance, which defines federal financial assistance as assistance that non-federal entities receive or administer in the form of grants, loans, loan guarantees, property (including donated surplus property), cooperative agreements, interest subsidies, insurance, food commodities, direct appropriations and other assistance, but does not include amounts received as reimbursement for services rendered to individuals. The schedule presents both Type A and B federal assistance programs administered by the Organization. Uniform Guidance establishes the formula for determining the level of expenditures or disbursements to be used in defining Type A and B federal financial assistance programs. Type A programs are those which exceed $750,000 in disbursements, expenditures, or distributions. The determination of major and nonmajor programs is based on the risk-based approach outlined in Uniform Guidance. C. Basis of Accounting: The expenditures for each of the federal financial assistance program are presented on the accrual basis which recognizes expenditures of federal awards when the related expenditure is incurred. The Organization has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. RURAL RENTAL HOUSING LOANS (10.415) - Balances outstanding at the end of the audit period were $888,299.