Notes to SEFA
Title: Note A – Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures
are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. Garden Terrace Senior Living has elected
not to use the 10‐percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: See policy
The accompanying schedule of expenditures of federal awards includes the federal grant activity of HUD
Project No. 127‐11202 and is presented on the accrual basis of accounting. 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 Garden Terrace Senior
Living, it is not intended to and does not present the financial position, changes in net assets, or cash flows of
Garden Terrace Senior Living.
Title: Note B – Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures
are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. Garden Terrace Senior Living has elected
not to use the 10‐percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: See policy
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures
are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. Garden Terrace Senior Living has elected
not to use the 10‐percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: Note C – U.S. Department of Housing and Urban Development Loan Program
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures
are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. Garden Terrace Senior Living has elected
not to use the 10‐percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: See policy
Garden Terrace Senior Living has received a U.S. Department of Housing and Urban Development direct
loan under Section 223(f) of the National Housing Act. The loan balance outstanding at the beginning of
the year is included in the federal expenditures presented in the Schedule. Garden Terrace Senior Living
received no additional loans during the year. The balance of the loan outstanding at March 31, 2023
consists of:
Program Name
Section 223(f)
CFDA Number
Outstanding Balance at
March 31, 2023
14.155 $ 4,273,507