Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures (or tenant assistance payments) reported on the Schedule are reported on the accrual basis
of accounting as more fully described in Note 1 to the Project financial statements, as well as in
accordance with the Uniform Guidance. 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.
De Minimis Rate Used: N
Rate Explanation: The Project has not elected to use the 10% de minimus indirect cost rate as discussed in Uniform
Guidance Section 200.414.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant
activity of OLF Senior Housing, Inc. (the Project) and is presented using the accrual basis of accounting.
The information in this schedule is presented in accordance with the audit 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 Project, it is not intended to and does not present the financial
position, changes in net deficit, or cash flows from the Project.
Title: Supportive Housing for the Elderly
Accounting Policies: Expenditures (or tenant assistance payments) reported on the Schedule are reported on the accrual basis
of accounting as more fully described in Note 1 to the Project financial statements, as well as in
accordance with the Uniform Guidance. 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.
De Minimis Rate Used: N
Rate Explanation: The Project has not elected to use the 10% de minimus indirect cost rate as discussed in Uniform
Guidance Section 200.414.
As of June 30, 2023, the Project has an outstanding balance due to the U.S. Department of Housing and
Urban Development in the amount of $6,452,950, which is reported in the statement of financial position in
the line item “Capital advance” and “Other loans and notes payable”. The federal government imposes
continuing compliance requirements under Assistance Listing Number (ALN) No. 14.157, Supportive
Housing for the Elderly (Section 202) for the balance of the loans. Per Section 200.502 of the Uniform
Guidance, the balance of loans or loan guarantee programs with continuing compliance requirements
should be shown on the Schedule as of the beginning of the audit period. The July 1, 2022 balance of the
loans were $6,452,950