Notes to SEFA
Title: Note A - Basis of presentation:
Accounting Policies: Expenditures reported on the schedule of expenditures of Federal awards 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: Chillicothe Land Holdings has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform
Guidance.
The schedule of expenditures of Federal awards includes the Federal award activity of National Church Residences
Chillicothe Land Holdings, Inc. (Chillicothe Land Holdings) under the Federal government for the year ended December
31, 2023. 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 of expenditures of Federal awards presents only a selected
portion of the operations of Chillicothe Land Holdings, it is not intended to and does not present the financial position,
changes in net deficit, or cash flows of Chillicothe Land Holdings.
Title: Note D - U.S. Department of Housing and Urban Development loan program:
Accounting Policies: Expenditures reported on the schedule of expenditures of Federal awards 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: Chillicothe Land Holdings has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform
Guidance.
Chillicothe Land Holdings has received a U.S. Department of Housing and Urban Development (HUD) insured
mortgage under Section 232/223(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. Chillicothe Land Holdings received no
additional loans during the year. The balance of the loan outstanding at December 31, 2023 consists of:
Federal Assistance Listing Number: 14.129 Outstanding Balance at December 31, 2023: $ 14,365,600
Program Name: Mortgage Insurance Nursing Homes,
Intermediate Care Facilities, Board and Care Homes and Assisted Living Facilities