Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: NOTE A - BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards includes the federal award activity of LutherManor of Scott County, Inc. and is presented on the accrual basis of accounting. The information in thisschedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part200, 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 LutherManor of Scott County, Inc., it is not intended to and does not present the financial position, changes in netassets, or cash flows of Luther Manor of Scott County, Inc.NOTE B SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported on the accrual basis of accounting. Such expendituresare recognized following the cost principles contained in the Uniform Guidance, wherein certain types ofexpenditures are not allowable or are limited as to reimbursement. Luther Manor of Scott County, Inc. haselected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.NOTE C U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOAN PROGRAMLuther Manor of Scott County, Inc. has received a U.S. Department of Housing and Urban Developmentunder Section 223(f). The Section 223(f) balance outstanding at the beginning of the year is included in thefederal expenditures presented in the Schedule. Luther Manor of Scott County, Inc. received no additionalloans during the year. The balance of the loan outstanding at December 31, 2022 consists of:CFDANumber Program NameOutstanding Balanceat December 31, 202214.155 Section 223(f) HUD insured loan $ 1,570,736
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
MORTGAGE INSURANCE FOR THE PURCHASE OR REFINANCING OF EXISTING MULTIFAMILY HOUSING PROJECTS (14.155) - Balances outstanding at the end of the audit period were 1570736.