Notes to SEFA
Title: NOTE A. BASIS OF PRESENTATION
Accounting Policies: 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 the Uniform Guidance,
wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Berrywood Terrace has elected not to use the 10 percent de minimis indirect cost rate as allowed
under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Berrywood Terrace has elected not to use the 10 percent de minimis indirect cost rate as allowed
under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal award activity of
Berrywood Terrace 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 Berrywood Terrace, it is not intended to and does not present
the financial position, changes in net assets (deficit), or cash flows of Berrywood Terrace.
Title: NOTE C. U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOAN
PROGRAM
Accounting Policies: 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 the Uniform Guidance,
wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Berrywood Terrace has elected not to use the 10 percent de minimis indirect cost rate as allowed
under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Berrywood Terrace has elected not to use the 10 percent de minimis indirect cost rate as allowed
under the Uniform Guidance.
Berrywood Terrace has received a U.S. Department of Housing and Urban Development insured
loan under Section 207 pursuant to 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. Berrywood Terrace received no additional loans during the year. The balance of the loan
outstanding at June 30, 2023 consists of:
Outstanding
Assistance Balance at
Living Number Program Name June 30, 2023
14.134 Section 207 Pursuant to 223(f) Loan $ 1,272,508