Notes to SEFA
Title: Basis of Presentation
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 OMB Circulary A-122, "Cost Principles for Non-Profit Organizations" or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reinbursement.
De Minimis Rate Used: N
Rate Explanation: The Organization has not elected to use the 10% de minimus indirect cost rate allowed under Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of HRC Communities, Inc. under programs of the federal government for the year ended September 30, 2023. The information in the 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 HRC Communities, Inc., it is not intended to and does not present the financial position, changes in net assets or cash flows of HRC Communities, Inc.
Title: Summary of Significant Accounting Principles
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 OMB Circulary A-122, "Cost Principles for Non-Profit Organizations" or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reinbursement.
De Minimis Rate Used: N
Rate Explanation: The Organization has not elected to use the 10% de minimus indirect cost rate allowed under Uniform Guidance.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in OMB Circular A-122, "Cost Principles for Non-Profit Organizations" or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: Indirect Cost Rate
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 OMB Circulary A-122, "Cost Principles for Non-Profit Organizations" or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reinbursement.
De Minimis Rate Used: N
Rate Explanation: The Organization has not elected to use the 10% de minimus indirect cost rate allowed under Uniform Guidance.
HRC Communities, Inc. has not elected to use the 10% de minimus indirect cost rate allowed under Uniform Guidance.
Title: Section 202 Capital Advance
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 OMB Circulary A-122, "Cost Principles for Non-Profit Organizations" or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reinbursement.
De Minimis Rate Used: N
Rate Explanation: The Organization has not elected to use the 10% de minimus indirect cost rate allowed under Uniform Guidance.
HRC Communities, Inc.'s has received a direct loan under the Section 202 Capital Advance program. The full amount received under the capital advance of $956,000 is included in the federal expenditures presented in the Schedule.