Notes to SEFA
Title: Capital Advance
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following, as applicable, either the cost principles in Office of Managementand Budget Circular A-122, Cost Principles for Non-Profit Organizations, or the cost principles containedin the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as toreimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in thenormal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The Corporation has elected not to use the 10% de-minimis indirect cost rate as allowed underthe Uniform Guidance.
The capital advance balance at the beginning of the year is included in the federal expenditures presented in the Schedule. This is also the balance at December 31, 2022.Outstanding Balance at December 31, 2022 Section 202 Capital Advancement $ 2,108,100
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following, as applicable, either the cost principles in Office of Managementand Budget Circular A-122, Cost Principles for Non-Profit Organizations, or the cost principles containedin the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as toreimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in thenormal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The Corporation has elected not to use the 10% de-minimis indirect cost rate as allowed underthe Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Pleasant Gap Lutheran Housing Community, Inc. d/b/a Lutheran Commons at Pleasant Gap (the Corporation) 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 Corporation, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Corporation.