Title: NOTE A – BASIS OF PRESENTATION
Accounting Policies: NOTE A – BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Parkside
Assisted Living, LLC, HUD Project Number 051-43217 (the Project), and is presented on the accrual basis
of accounting. The information in this schedule is presented in accordance with the requirements of the
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 assets, or cash flows of the
Project.
NOTE B – SUMMARY OF SIGNIFICANT 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 OMB Circular A-122, Cost Principles for Not-for-
Profit Organizations, wherein certain types of expenditures are not allowable or are limited as to
reimbursement.
De Minimis Rate Used: N
Rate Explanation: not applicable to this federal program
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Parkside Assisted Living, LLC, HUD Project Number 051-43217 (the Project), and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the 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 assets, or cash flows of the Project.
Title: NOTE B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: NOTE A – BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Parkside
Assisted Living, LLC, HUD Project Number 051-43217 (the Project), and is presented on the accrual basis
of accounting. The information in this schedule is presented in accordance with the requirements of the
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 assets, or cash flows of the
Project.
NOTE B – SUMMARY OF SIGNIFICANT 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 OMB Circular A-122, Cost Principles for Not-for-
Profit Organizations, wherein certain types of expenditures are not allowable or are limited as to
reimbursement.
De Minimis Rate Used: N
Rate Explanation: not applicable to this federal program
Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in OMB Circular A-122, Cost Principles for Not-for-Profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: NOTE C – LOAN AND LOAN GUARANTEE PROGRAMS
Accounting Policies: NOTE A – BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Parkside
Assisted Living, LLC, HUD Project Number 051-43217 (the Project), and is presented on the accrual basis
of accounting. The information in this schedule is presented in accordance with the requirements of the
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 assets, or cash flows of the
Project.
NOTE B – SUMMARY OF SIGNIFICANT 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 OMB Circular A-122, Cost Principles for Not-for-
Profit Organizations, wherein certain types of expenditures are not allowable or are limited as to
reimbursement.
De Minimis Rate Used: N
Rate Explanation: not applicable to this federal program
The Uniform Guidance requires that federal expenditures for loan and loan guarantee balances be disclosed as of the beginning of the year. The Section 232 HUD insured mortgage is included in the loan guarantee programs. Principal payments made on the HUD insured mortgage for the year ended September 30, 2023 were $239,004, resulting in an ending mortgage balance of $11,200,583.