Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the accompanying schedule of expenditures of federal awards (the Schedule) are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Stevens Senior Housing of Ludlow, Inc. HUD Project No. 023-EE241 (the Organization) has elected not to use to 10% de minimus indirect cost rate as allowed under the Uniform Guidance.
The Schedule includes the federal award activity of the Organization under programs of the Federal government for the year ended June 30, 2022. The information in the Schedule is presented in accordance with the Uniform Guidance. Because the Schedule presents only a selected portion of the operations of the Organization, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Organization.
Title: CAPITAL ADVANCE AND LOAN ASSISTANCE
Accounting Policies: Expenditures reported on the accompanying schedule of expenditures of federal awards (the Schedule) are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Stevens Senior Housing of Ludlow, Inc. HUD Project No. 023-EE241 (the Organization) has elected not to use to 10% de minimus indirect cost rate as allowed under the Uniform Guidance.
The Section 202 capital advance (the Capital Advance) and HOME loan which were received in prior fiscal years are included on the Schedule at their outstanding balances as of July 1, 2021 plus additional proceeds received in 2022 as they include continuing compliance requirements from the U.S. Department of Housing and Urban Development. During fiscal year 2022, no additional proceeds were received and no payments made on the Capital Advance or HOME loan. At June 30, 2022, the outstanding capital advance and HOME loan balances were $4,391,300 and $415,000, respectively.
Title: SUBRECIPIENTS
Accounting Policies: Expenditures reported on the accompanying schedule of expenditures of federal awards (the Schedule) are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Stevens Senior Housing of Ludlow, Inc. HUD Project No. 023-EE241 (the Organization) has elected not to use to 10% de minimus indirect cost rate as allowed under the Uniform Guidance.
There were no pass through federal awards made to subrecipients by the Organization during 2022.