Notes to SEFA
Title: Note 1:
Accounting Policies: Summary of Significant Account Policy - Expenditures reported 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: Randolph Home has elected to not use the 10 percent de minimis indirect cost rate
as allowed under the Uniform Guidance.
Basis of presentation- The accompanying Schedule of Expenditures of Federal Awards (the "Schedule")
includes the federal loan activity of Randolph Home under programs of the federal government for the
year ended June 30, 2024. The information in this Schedule is presented in accordance with the
requirements of Title 2 U.S. Code of Federal Regulations (CFR) 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 Randolph Home, it is not intended
to and does not present the financial position or changes in financial position of Randolph Home.
Title: Note 2:
Accounting Policies: Summary of Significant Account Policy - Expenditures reported 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: Randolph Home has elected to not use the 10 percent de minimis indirect cost rate
as allowed under the Uniform Guidance.
Summary of Significant Account Policy - Expenditures reported 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.
Title: Note 3:
Accounting Policies: Summary of Significant Account Policy - Expenditures reported 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: Randolph Home has elected to not use the 10 percent de minimis indirect cost rate
as allowed under the Uniform Guidance.
Randolph Home has elected to not use the 10 percent de minimis indirect cost rate
as allowed under the Uniform Guidance.
Title: Note 4:
Accounting Policies: Summary of Significant Account Policy - Expenditures reported 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: Randolph Home has elected to not use the 10 percent de minimis indirect cost rate
as allowed under the Uniform Guidance.
The beginning balance for federal loans as of July 1, 2023 was $13,696,848. Payments made on federal loans
throughout the year totaled $275,862. The outstanding balance for federal loans as of June 30, 2024 is $13,420,924.