Notes to SEFA
Title: Note 4: Capital Advance Balance
Accounting Policies: Note 1: Basis of Presentation:
This schedule of expenditures of federal awards includes the federal award activity of Golden Acres
Retirement Center, Inc. under programs of the federal government for the year ended December 31, 2023.
The information in this 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 Audits for
Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the
operations of Golden Acres Retirement Center, Inc., it is not intended to and does not present the financial
position, changes in net assets, or cash flows of Golden Acres Retirement Center, Inc.
Note 2: Summary of Significant Accounting Policies:
Expenditures reporting on the Schedule 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: Note 3: Indirect Cost Rate:
Golden Acres Retirement Center, Inc. has elected not to use the 10% de minimis indirect cost rate
allowed under the Uniform Guidance.
Golden Acres Retirement Center, Inc.’s capital advance balance outstanding as of December 31, 2023
was $2,294,892 and is included in the federal expenditures presented in the schedule.