Notes to SEFA
Title: A - Basis of Presentation
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards 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.
De Minimis Rate Used: N
Rate Explanation: No cost rate used for loan guarantee
The accompanying schedule of expenditures of federal awards includes the federal award activity of Castle Manor, Inc., HUD Project No. 072-22151, and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 of 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 Castle Manor, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Castle Manor, Inc.
Title: C-U.S. Department of Housing and Urban Development Loan Program
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards 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.
De Minimis Rate Used: N
Rate Explanation: No cost rate used for loan guarantee
Castle Manor, Inc. obtained a mortgage insured by the U.S. Department of Housing and Urban Development (HUD) under its Mortgage Insurance – Nursing Homes, Intermediate Care Facilities, Board and Care Homes and Assisted Living Facilities – Sec. 232 program. The outstanding balance on the loan was $4,916,582 and $5,047,063 on December 31, 2023 and 2022, respectively.
Title: D-Provider Relief Funds
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards 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.
De Minimis Rate Used: N
Rate Explanation: No cost rate used for loan guarantee
The accompanying schedule of expenditure of federal awards (SEFA) for 2022 includes provider relief funds received for periods 3 and 4 that were spent from January 1, 2021 through December 31, 2021, as is required under the grant.