Notes to SEFA
Title: NOTE C – LOANS OUTSTANDING
Accounting Policies: NOTE A – BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Sacred Heart Retirement Community, Inc. (SHRC), HUD Project #017-11162, 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 Administration Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the SHRC, it is not intended to and does not present the financial position, change in net positions, or cash flows of the SHRC.
NOTE B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(1) 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.
De Minimis Rate Used: N
Rate Explanation: SHRC did not use the 10 percent de minimis indirect rate as allowed under the Uniform Guidance.
SHRC had the following loan balance outstanding at December 31, 2023. This loan balance as of the beginning of the year is included in the federal expenditures presented in the schedule.
Program Title: Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects (Section 223(f) Mortgage) Federal CFDA Number: 14.155 Federal Expenditures: $ 1,865,191