Notes to SEFA
Title: Loan/loan guarantee outstanding balances
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.
De Minimis Rate Used: N
Rate Explanation: J.H. Floyd Sunshine Village, Inc. has not elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
J.H. Floyd Sunshine Village, Inc. has received US Department of Housing and Urban Development insured loans pursuant to Section 207/223(f) of the National Housing Act. The mortgage balance at the beginning of the year is included in the federal expenditures presented in the Schedule. There were no additional loans received during the year. The balance of the outstanding federally funded mortgage as of December 31, 2022 is $2,122,224.
Title: BASIS OF PRESENTATION
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.
De Minimis Rate Used: N
Rate Explanation: J.H. Floyd Sunshine Village, Inc. has not elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal grant activity of J.H. Floyd Sunshine Village, Inc. under programs of the federal government for the year ended December 31, 2022. 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 J.H. Floyd Sunshine Village, Inc., it is not intended to and does not present the financial position, changes in net assets or cash flows of J.H. Floyd Sunshine Village, Inc.