Notes to SEFA
Accounting Policies: 1. SIGNIFICANT ACCOUNTING POLICIESOrganizationThe accompanying schedule of expenditures of federal awards represents all Federal awards administeredby the Mid-York Senior Homes, Inc. The Organization is defined in Note 1 to the financial statements.Basis of AccountingThe expenditures in the accompanying schedule are presented on an accrual basis of accounting. Theinformation in this schedule is presented in accordance with the requirements of the Uniform Guidance.Therefore, some amounts presented in this schedule may differ from amounts presented in or used in thepreparation of the financial statements.De Minimis Indirect Cost RateThe Organization has not elected to use the 10 percent de minimis indirect cost rate as allowed under theUniform Guidance.2. LOANS OUTSTANDINGThe Organization had the following loan balances outstanding at December 31, 2022. The balances ofthese loans are included in the federal expenditures presented in the schedule.2022Mortgage Payable - RD The mortgage is due January 2029 withinterest at 8.75%, collateralized by the building, furniture, andfixtures. Monthly payments for the Organization are $2,215. TheFederal government subsidized interest payments monthly, whichtotaled $14,445 for 2022. The Federal government subsidizedprincipal payments monthly, which totaled $7,943 for 2022. $ 289,291Mortgage Payable - RD The mortgage is due February 2045 withinterest at 8.00%, collateralized by the building, furniture, andfixtures. Monthly payments for the Organization are $2,465. TheFederal government subsidized interest payments monthly, whichtotaled $65,147 year for 2022. 981,863Total $ 1,271,154.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.