Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Note 1. Basis of Presentation The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal loan activity and award activity of Arkansas Methodist Medical Center Retirement Community, Inc. d/b/a Chateau on the Ridge (the "Chateau"), FHA Project No. 082-43058 under programs of the federal government for the year ended June 30, 2022. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations ("CFR") 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 the Chateau, it is not intended to and does not present the financial position, changes in net assets (deficit), or cash flows of the Chateau.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
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 8617293.
Title: Note 2. Summary of Significant Accounting Policies
Accounting Policies: Note 1. Basis of Presentation The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal loan activity and award activity of Arkansas Methodist Medical Center Retirement Community, Inc. d/b/a Chateau on the Ridge (the "Chateau"), FHA Project No. 082-43058 under programs of the federal government for the year ended June 30, 2022. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations ("CFR") 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 the Chateau, it is not intended to and does not present the financial position, changes in net assets (deficit), or cash flows of the Chateau.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.