Notes to SEFA
Title: Note C — U.S. Department of Housing and Urban Development Loan Program:
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Access Senior Housing of Franklin, Inc. 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). The schedule presents only a selected portion of the operations of Access Senior Housing of Franklin, Inc. It is not intended to, and does not present, the financial position, changes in net assets or cash flows of Access Senior Housing of Franklin, Inc.
De Minimis Rate Used: N
Rate Explanation: 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. Access Senior Housing of Franklin, Inc. has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Access Senior Housing of Franklin, Inc. has received various U.S. Department of Housing and Urban Development funding. The loan balances outstanding at the beginning of the year are included in the federal expenditures presented in the Schedule. Access Senior Housing of Franklin, Inc. received no additional loans during the year. The balance of the loans outstanding at June 30, 2023, consists of:
Program Name CFDA #
Section 202 Capital Advance 14.157 $ 4,546,000
HOME Investment Partnership Programs 14.239 $ 700,000