Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the costs principles contained in the OMB Circular A-122 andUniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
SUPPORTIVE HOUSING FOR THE ELDERLY (14.157) - Balances outstanding at the end of the audit period were 3615700.
Title: CAPITAL ADVANCE
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the costs principles contained in the OMB Circular A-122 andUniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
At June 30, 2022, Sullivan Senior Housing, Inc had the following capital advance outstanding. The capitaladvance is also included in the federal expenditures presented. Program or Cluster Title - Supportive Housing for the Elderly (Section 202) CFDA Number - 14.157 Amount outstanding - $ 3,615,700
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the costs principles contained in the OMB Circular A-122 andUniform Guidance.
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 federalaward activity of Sullivan Senior Housing, Inc (the Organization) under programs of federal governmentfor the year ended June 30, 2022. The information in this Schedule is presented in accordance with therequirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform AdministrativeRequirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Becausethe Schedule presents only a selected portion of the operation of the Organization, it is not intended toand does not present the financial position, changes in net assets, or cash flows of the Organization.