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 Azalea Christian Manor 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 Azalea Christian Manor,
it is not intended to and does not present the financial position, changes in net assets, or cash flows
of Azalea Christian Manor.
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. Azalea Christian
Manor has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform
Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the deminimis cost rate.
Azalea Christian Manor has received a U.S. Department of Housing and Urban Development insured
loan under Section 207/223(f) 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. Azalea
Christian Manor 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
14.134 Section 207/223(f) Insured Loan $ 3,019,613