Notes to SEFA
Title: Basis of Presentation
Accounting Policies: The expenditures reported on this schedule are reported on the accrual basis of accounting except for the capital advance as discussed below.
Garden Terrace Commons Senior Housing’s federal award is not based on eligible costs incurred.
De Minimis Rate Used: N
Rate Explanation: Garden Terrace Commons has not made an election related to the use of the 10% de minimis indirect cost rate described in the Uniform Guidance.
This schedule includes the federal grant activity of Garden Terrace Commons Senior Housing under programs of the federal government for the year ended December 31, 2023. The information presented 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 (the Uniform Guidance). Because the schedule presents only a selected portion of the operations of Garden Terrace Commons Senior Housing, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Garden Terrace Commons Senior Housing.
Title: Capital Advance
Accounting Policies: The expenditures reported on this schedule are reported on the accrual basis of accounting except for the capital advance as discussed below.
Garden Terrace Commons Senior Housing’s federal award is not based on eligible costs incurred.
De Minimis Rate Used: N
Rate Explanation: Garden Terrace Commons has not made an election related to the use of the 10% de minimis indirect cost rate described in the Uniform Guidance.
Expenditures reported as capital advance represent the December 31, 2022 balance of a capital advance received in previous years for which the grantor imposes continuing compliance requirements. The balance of the capital advance outstanding as of December 31, 2023 was $2,985,000.