Notes to SEFA
Title: NOTE A - BASIS OF PRESENTATION
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. 2) East Ridge Manor Cooperative has elected to not use the
10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of
East Ridge Manor Cooperative, Inc., HUD Project No. 084-11115, 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 selected portion of the operations of East Ridge Manor Cooperative, Inc., it is not intended to and does not
present the financial position, changes in net assets, or cash flows of East Ridge Manor Cooperative, Inc.
Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the
preparation of, the basic financial statements. The balance of the capital advances outstanding at the end of the
audit period was the same as the balance presented on the accompanying schedule of expenditures of federal
awards.
Title: NOTE C - U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOAN PROGRAM
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. 2) East Ridge Manor Cooperative has elected to not use the
10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
East Ridge Manor Cooperative, Inc. has received a U.S., Department of Housing and Urban Development direct
loan under Section 207 of the National Affordable Housing Act of 1990. The loan balance outstanding at the
beginning of the year is included in the federal expenditures presented in the Schedule. East Ridge Manor
Cooperative, Inc. received no additional loans during the year. The balance of the loan outstanding at December
31, 2022 consists of:
Outstanding Balance at
CFDA Number Program Name December 31, 2022
14.134 Section 207 Direct Loan $ 3,130,127
Title: Loan/Loan Guarantee Outstanding Balances
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. 2) East Ridge Manor Cooperative has elected to not use the
10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
MORTGAGE INSURANCE_RENTAL HOUSING (14.134) - Balances outstanding at the end of the audit period were 3130127.