Audit 29096

Title: Loan/loan guarantee outstanding balances Accounting Policies: NOTE A - Basis of PresentationThe accompanying schedule of expenditures of federal awards includes the federal award activity of St.Giles Manor II, Inc. HUD Project No. 067-EE150, and is presented on the accrual basis of accounting. Theinformation in this schedule is presented in accordance with the requirements of Title 2 U. S. Code ofFederal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and AuditRequirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selectedportion of the operations of St. Giles Manor II, Inc., it is not intended to and does not present the financialposition, changes in net assets, or cash flows of St. Giles Manor II, Inc.NOTE B Summary of Significant Accounting PoliciesExpenditures reported on the Schedule are reported on the accrual basis of accounting. Such expendituresare recognized following the cost principles contained in the Uniform Guidance, wherein certain types ofexpenditures are not allowable or are limited as to reimbursement. St. Giles Manor II, Inc. has elected notto use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.NOTE C U.S. Department of Housing and Urban Development Loan ProgramThe accompanying schedule of expenditures of federal awards includes the loan balance outstanding atthe beginning of the year for the U.S. Department of Housing and Urban Development loan programs. Noadditional loans were received during the year. The balances outstanding as of December 31, 2022 areshown below:AssistanceListingNumber Loan ProgramOutstandingBalance.14.157 Section 202 Supportive Housing for the Elderly $ 12,519,700 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 12519700.