Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Basis of PresentationThe accompanying schedule of expenditures of federal awards includes the federal grant activity of ShingleCreek Senior Housing. The information in this schedule is presented in accordance with the requirements ofTitle 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, andAudit Requirements for Federal Awards (the Uniform Guidance). Because the schedule presents only aportion of the operations of Shingle Creek Senior Housing, it is not intended to and does not present thefinancial position, changes in net assets, or cash flows of Shingle Creek Senior Housing.
De Minimis Rate Used: N
Rate Explanation: De Minimis Indirect Cost RateShingle Creek Senior Housings federal award is not based on eligible costs incurred. Accordingly, ShingleCreek Senior Housing has not made an election related to the use of the 10% de minimis indirect cost ratedescribed in the Uniform Guidance.
HUD-insured LoanExpenditures reported on the schedule represent the beginning of the year balance of an insured loan issued in 2013 for which the grantor imposes continuing compliance requirements. Proceeds of this loan were used to refinance a previous HUD-insured loan. The balance of the loan outstanding as of December 31, 2022 is $5,341,269.