Notes to SEFA
Title: Basis of presentation
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Mathison
Retirement Community, Inc. and is presented on the accrual basis. The information in this schedule is presented in
accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform
Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the
preparation of the financial statements.
De Minimis Rate Used: N
Rate Explanation: The organization utilizes GAAP to determine all applicable project costs allowed under uniform guidance. This allows the nonprofit to better manage project funds and complete its mission.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Mathison
Retirement Community, Inc. and is presented on the accrual basis. The information in this schedule is presented in
accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform
Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the
preparation of the financial statements.
Title: Summary of Significant Accounting Policies
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Mathison
Retirement Community, Inc. and is presented on the accrual basis. The information in this schedule is presented in
accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform
Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the
preparation of the financial statements.
De Minimis Rate Used: N
Rate Explanation: The organization utilizes GAAP to determine all applicable project costs allowed under uniform guidance. This allows the nonprofit to better manage project funds and complete its mission.
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. Mathison Retirement Community, Inc. has elected not to use
the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: Section 232 Insured Loan
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Mathison
Retirement Community, Inc. and is presented on the accrual basis. The information in this schedule is presented in
accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform
Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the
preparation of the financial statements.
De Minimis Rate Used: N
Rate Explanation: The organization utilizes GAAP to determine all applicable project costs allowed under uniform guidance. This allows the nonprofit to better manage project funds and complete its mission.
Mathison Retirement Community, Inc.'s Section 232 Insured Loan was determined to be a Type A Federal
Financial Assistance Program based on the total amounts as of and for the year ended June 30, 2023, and was
considered a major program under the criteria of Uniform Guidance. The loan balance as of June 30, 2023, was
$6,621,773.