Title: BASIS OF PRESENTATION
Accounting Policies: BASIS OF PRESENTATION - The accompanying schedule of expenditures of federal awards includes the federal award activity of Hillsdale Senior Housing Corp., HUD Project No. 031-11071, and is presented on the accrual basis of accounting. 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 (“Uniform Guidance”). Because the schedule presents only a selected portion of the operations of Hillsdale Senior Housing Corp., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Hillsdale Senior Housing Corp. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - 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. Hillsdale Senior Housing Corp. 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: Hillsdale Senior Housing Corp. 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 award activity of Hillsdale Senior Housing Corp., HUD Project No. 031-11071, and is presented on the accrual basis of accounting. 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 (“Uniform Guidance”). Because the schedule presents only a selected portion of the operations of Hillsdale Senior Housing Corp., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Hillsdale Senior Housing Corp.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: BASIS OF PRESENTATION - The accompanying schedule of expenditures of federal awards includes the federal award activity of Hillsdale Senior Housing Corp., HUD Project No. 031-11071, and is presented on the accrual basis of accounting. 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 (“Uniform Guidance”). Because the schedule presents only a selected portion of the operations of Hillsdale Senior Housing Corp., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Hillsdale Senior Housing Corp. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - 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. Hillsdale Senior Housing Corp. 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: Hillsdale Senior Housing Corp. 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. Hillsdale Senior Housing Corp. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: SUBRECIPIENTS
Accounting Policies: BASIS OF PRESENTATION - The accompanying schedule of expenditures of federal awards includes the federal award activity of Hillsdale Senior Housing Corp., HUD Project No. 031-11071, and is presented on the accrual basis of accounting. 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 (“Uniform Guidance”). Because the schedule presents only a selected portion of the operations of Hillsdale Senior Housing Corp., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Hillsdale Senior Housing Corp. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - 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. Hillsdale Senior Housing Corp. 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: Hillsdale Senior Housing Corp. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Project did not provide state awards to any subrecipients.
Title: U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOAN PROGRAM
Accounting Policies: BASIS OF PRESENTATION - The accompanying schedule of expenditures of federal awards includes the federal award activity of Hillsdale Senior Housing Corp., HUD Project No. 031-11071, and is presented on the accrual basis of accounting. 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 (“Uniform Guidance”). Because the schedule presents only a selected portion of the operations of Hillsdale Senior Housing Corp., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Hillsdale Senior Housing Corp. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - 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. Hillsdale Senior Housing Corp. 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: Hillsdale Senior Housing Corp. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Project has entered into a loan security agreement with Lument Capital, LLC. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. The Project received no additional loans during the year. The balance of the loan outstanding at March 31, 2023 consisted of ALN Loan 14.155, HUD Section 207 Insured Loan in the amount of $4,513,805.