Notes to SEFA
Title: 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: BCI Real Estate Holding Company, LLC has elected not to use the 10% de minimus indirect rate allowed under the Uniform Guidance.
The schedule of expenditures of Federal awards includes the Federal award activity of BCI Real Estate Holding Company, LLC 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 BCI Real Estate Holding Company, LLC, it is not intended to and does not present the financial position, changes in net deficit, or cash flows of BCI Real Estate Holding Company, LLC.
Title: 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: BCI Real Estate Holding Company, LLC has elected not to use the 10% de minimus indirect rate allowed under the Uniform Guidance.
BCI Real Estate Holding Company, LLC has received a U.S. Department of Housing and Urban Development (HUD)
direct loan under Section 232, pursuant to Section 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. BCI Real Estate Holding Company, LLC 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; Program Name - Mortgage Insurance Nursing Homes, Intermediate Care Facilities, Board and Care Homes and Assisted Living Facilities; Outstanding Balance at December 31, 2023 - $11,471,771.