Notes to SEFA
Title: Subrecipients
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal award
activity of Sherrill-Kenwood Community Retirement Housing Corporation (Noyes Manor
Retirement Residence I and II), Case No. 37-33-222146293, and is presented on the accrual basis
of accounting. 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 selected portion of the operations of Noyes Manor Retirement
Residence I and II, it is not intended to and does not present the financial position, changes in net
assets, or cash flows of Noyes Manor Retirement Residence I and II.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Noyes Manor Retirement Residence I and II did not pass any federal funds to subrecipients for the year ended June 30, 2023.
Title: U.S. DEPARTMENT OF AGRICULTURE RURAL DEVELOPMENT MORTGAGES
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal award
activity of Sherrill-Kenwood Community Retirement Housing Corporation (Noyes Manor
Retirement Residence I and II), Case No. 37-33-222146293, and is presented on the accrual basis
of accounting. 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 selected portion of the operations of Noyes Manor Retirement
Residence I and II, it is not intended to and does not present the financial position, changes in net
assets, or cash flows of Noyes Manor Retirement Residence I and II.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
RURAL RENTAL HOUSING LOANS (10.415) - Balances outstanding at the end of the audit period were 120.
RURAL RENTAL HOUSING LOANS (10.415) - Balances outstanding at the end of the audit period were 1,412,623.