Title: Loan/loan guarantee outstanding balances
Accounting Policies: The expenditure reported on the Schedule is reported on the accrual basis of accounting. Such expenditure is recognized following, as applicable, either the cost principles in OMB Circular A- 122, Cost Principles for Non-Profit Organizations, or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The amount presented in the Schedule may differ from amounts presented in, or used in preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The federal loan guarantee program listed subsequently is administered directly by Naamans Creek Care, Inc., Project No. 034-22128 and balances and transactions relating to this program are included in Naamans Creek Care, Inc., Project No. 034-22128s basic financial statements. The balance of the loan outstanding at June 30, 2022 consists of: 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 $3,588,081.
Title: Basis of presentation
Accounting Policies: The expenditure reported on the Schedule is reported on the accrual basis of accounting. Such expenditure is recognized following, as applicable, either the cost principles in OMB Circular A- 122, Cost Principles for Non-Profit Organizations, or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The amount presented in the Schedule may differ from amounts presented in, or used in preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of Naamans Creek Care, Inc., Project No. 034-22128 under all federal award programs 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 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 Naamans Creek Care, Inc., Project No. 034-22128, it is not intended to, and does not, present the financial position, changes in net assets, or cash flows of Naamans Creek Care, Inc., Project No. 034-22128.
Title: Provider Relief Funds
Accounting Policies: The expenditure reported on the Schedule is reported on the accrual basis of accounting. Such expenditure is recognized following, as applicable, either the cost principles in OMB Circular A- 122, Cost Principles for Non-Profit Organizations, or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The amount presented in the Schedule may differ from amounts presented in, or used in preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Under terms and conditions of the Provider Relief Funds (PRF) under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, Naamans Creek Care, Inc. is required to report COVID-19 related expenses and lost revenue to the U.S. Department of Health and Human Services (HHS). Guidance from HHS has required the reporting of the COVID-19 related expenses and lost revenue in certain reporting periods based on when funds were received. As required by HHS, the 2022 Schedule includes PRF of approximately $205,000, which was received by Naamans Creek Care, Inc. prior to June 30, 2022. Naamans Creek Care, Inc. recognized as grant income in its statements of operations and changes in net assets for the years ending June 30, 2022 and 2021, $193,779 and $169,867, respectively, as the terms and conditions of the PRF grants, were satisfied by Naamans Creek Care, Inc. representing all of the PRF received over the two-year period.