Notes to SEFA
Title: Basis of Presentation
Accounting Policies: 1) Expenditures are reported on the accrual basis of accounting except for the capital advance and the HOME loan as discussed below.
2) Robbins Way Senior Housing’s federal awards are not based on eligible costs incurred.
De Minimis Rate Used: N
Rate Explanation: Robbins Way Senior Housing has not made an election related to use of the 10% de minimis indirect cost rate described in the Uniform Guidance.
This schedule includes the federal grant activity of Robbins Way 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 (Uniform Guidance). Because the schedule presents only a selected portion of the operations of Robbins Way Senior Housing, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Robbins Way Senior Housing.
Title: Capital Advance and HOME Loan
Accounting Policies: 1) Expenditures are reported on the accrual basis of accounting except for the capital advance and the HOME loan as discussed below.
2) Robbins Way Senior Housing’s federal awards are not based on eligible costs incurred.
De Minimis Rate Used: N
Rate Explanation: Robbins Way Senior Housing has not made an election related to use of the 10% de minimis indirect cost rate described in the Uniform Guidance.
Federal expenditures reported as a capital advance and as a HOME Investment Partnerships Program loan represent the December 31, 2022 balances of a capital advance and loan outstanding from previous years for which the grantor imposes continuing compliance requirements. The balance of the capital advance outstanding as of December 31, 2023 was $4,231,100. The balance of the loan outstanding as of December 31, 2023 was $500,000.