Notes to SEFA
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 allowed or are limited to reimbursement. St. George Cathedral Manor has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: St. George Cathedral Manor has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of St. George Cathedral Manor under programs of 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 presents only a select portion of the operations of St. George Cathedral Manor, it is not intended to and does not present the financial position, changes in net assets, or cash flows of St. George Cathedral Manor.
Title: U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOAN PROGRAM
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 allowed or are limited to reimbursement. St. George Cathedral Manor has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: St. George Cathedral Manor has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
St. George Cathedral Manor has received a U.S. Department of Housing and Urban Development capital advance under section 202 of the National Housing Act. The Loan balance outstanding at the beginning of the year is included in federal expenditures presented in the Schedule. St. George Cathedral Manor received no additional loans during the year. The balance of the loan outstanding at December 31, 2023 is $5,113,000.