Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Ideal Senior Living Center Housing Corporation (the Housing Corp.) under programs of the federal government for the year ended December 31, 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 the Housing Corp., it is not intended to and does not present the financial position, results of operations and changes in net deficit, or cash flows of Ideal Senior Living Center Housing Corporation.
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 5002203.
Title: NOTE 3. U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT INSURED LOAN PROGR
Accounting Policies: The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Ideal Senior Living Center Housing Corporation (the Housing Corp.) under programs of the federal government for the year ended December 31, 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 the Housing Corp., it is not intended to and does not present the financial position, results of operations and changes in net deficit, or cash flows of Ideal Senior Living Center Housing Corporation.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Ideal Senior Living Center Housing Corporation has received mortgage loans insured by the U.S. Department of Housing and Urban Development (HUD) under Section 232 of the National Housing Act. The mortgage loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. Ideal Senior Living Center Housing Corporation received no additional loans during the year. The balance of the mortgage loan outstanding at December 31, 2022 is $5,002,203