Notes to SEFA
Title: Note A-Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Therefore, some amounts presented in this schedule may differ from amounts presented or used in the preparation of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: BSH did not elect the 10% de minimus indirect cost rate.
The accompanying schedule of expendiures of federal awards includes the federal grant activity of Belleville Senior Housing, Inc., HUD Project No. 051-11379, and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requiremens 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 Belleville Senior Housing, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Belleville Senior Housing, Inc.
Title: Note B-Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Therefore, some amounts presented in this schedule may differ from amounts presented or used in the preparation of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: BSH did not elect the 10% de minimus indirect cost rate.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Therefore, some amounts presented in this schedule may differ from amounts presented or used in the preparation of the basic financial statements.
Title: Note C-U.S. Department of Housing and Urban Development Loan Program
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Therefore, some amounts presented in this schedule may differ from amounts presented or used in the preparation of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: BSH did not elect the 10% de minimus indirect cost rate.
BSH received a U.S. Department of Housing and Urban Development loan under Section 207/223(f) of the National Housing Act. The loan balance outstanding at the end of the year is included in the federal expenditures presented in the Schedule. BSH received no additional loans during the year.