Notes to SEFA
Title: 1. BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the SEFA 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. The Corporation has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Corporation did not use the rate.
The accompanying schedule of expenditures of federal awards (SEFA) for 2021 includes the federal grant activity of Cedar Village Senior Living (Cedar Village) and is presented on the accrual basis of accounting. The information in the SEFA 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). The basic financial statement classifications may include other financial activity for reporting purposes. Therefore, some of the amounts presented in the SEFA may differ from amounts presented in, or used in the preparation of, the basic financial statements.
Title: 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported on the SEFA 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. The Corporation has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Corporation did not use the rate.
Expenditures reported on the SEFA 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. The Corporation has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: 3. SUBRECIPIENT PASS-THROUGH
Accounting Policies: Expenditures reported on the SEFA 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. The Corporation has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Corporation did not use the rate.
No entities received pass-through federal awards from Cedar Village during 2021.
Title: 4. PROVIDER RELEIF FUNDS
Accounting Policies: Expenditures reported on the SEFA 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. The Corporation has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Corporation did not use the rate.
Under terms and conditions of the Provider Relief Funds (PRF) under the Coronavirus Aid, Relief, and
Economic Security (CARES) Act, Cedar Village is required to report COVID-19 related expenses and lost revenue to the Department of Health and Human Services (HHS). Guidance from HHS requires the reporting of the COVID-19 related expenses and lost revenue in certain reporting periods based on when the funds were received rather than when expenditures were incurred. During 2020, Cedar Village received PRF grants of approximately $1,181,000 from the CARES Act and recognized approximately $105,000 and $1,076,000 as revenue during 2021 and 2020 in Cedar Village’s statement of operations and changes in net assets as the terms and conditions of the PRF grant were satisfied by Cedar Village during 2021 and 2020. HHS requires these PRF amounts be reported on Cedar Village’s 2021 SEFA, rather than the 2020 SEFA.
Title: 5. FAIR MARKET VALUE OF DONATED PERSONAL PROTECTIVE EQUIPMENT
Accounting Policies: Expenditures reported on the SEFA 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. The Corporation has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Corporation did not use the rate.
During 2021, Cedar Village did not receive donated personal protective equipment from federal sources.