Notes to SEFA
Title: U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOAN PROGRAM
Accounting Policies: NOTE A. BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal
award activity of ALA Elderly Housing, Inc. d/b/a Camellia Gardens 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 ALA Elderly
Housing, Inc. d/b/a Camellia Gardens, it is not intended to and does not present the financial
position, changes in net assets, or cash flows of ALA Elderly Housing, Inc. d/b/a Camellia Gardens.
NOTE B. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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. ALA
Elderly Housing, Inc. d/b/a Camellia Gardens has elected not to 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 deminimis cost rate.
ALA Elderly Housing, Inc. d/b/a Camellia Gardens has received a U.S. Department of Housing and
Urban Development direct loan under Section 202 of the National Housing Act. The loan balance
outstanding at the beginning of the year is included in the federal expenditures presented in the
schedule. ALA Elderly Housing, Inc. d/b/a Camellia Gardens received no additional loans during
the year. The balance of the loan outstanding at December 31, 2023 consists of:
Assistance
Listing Number Program Name
Outstanding
Balance at
December 31, 2023
14.157 Section 202 Direct Loan $ 655,489