Title: Note 1 - Basis of presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following, as applicable 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: Glenview Elderly Housing Inc has elected to not use the 10% de minis cost rate per uniform guidance.
The accompanying schedule of expenditures of federal awards ("Schedule") includes the federal
award activity of Glenview Elderly Housing, Inc., HUD Project No. 071-11332, 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 Audit Requirements for Federal
Awards ("Uniform Guidance"). Because the Schedule presents only a selected portion of the
operations of Glenview Elderly Housing, Inc., it is not intended to and does not present the financial
position, changes in net assets, or cash flows of Glenview Elderly Housing, Inc. For the year ended
December 31, 2023, no awards were passed through to subrecipients.
Title: Note 2 - Summary of significant accounting policies
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following, as applicable 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: Glenview Elderly Housing Inc has elected to not use the 10% de minis cost rate per uniform guidance.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following, as applicable 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 - Other OMB Uniform Guidance Audit
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following, as applicable 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: Glenview Elderly Housing Inc has elected to not use the 10% de minis cost rate per uniform guidance.
Embrace Living Development has other affiliates that have expended more than $750,000 in federal
awards, which have separate OMB Uniform Guidance audits, which are not included in the
accompanying schedule of expenditures of federal awards.
Title: Note 4 - U.S. Department of Housing and Urban Development loan program
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following, as applicable 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: Glenview Elderly Housing Inc has elected to not use the 10% de minis cost rate per uniform guidance.
Glenview Elderly Housing, Inc. has received a U.S. Department of Housing and Urban Development
direct loan under Section 811 of the National Affordable Housing Act. The loan balance outstanding
at the beginning of the year is included in the federal expenditures presented in the Schedule. Bethel
Area Housing, Inc received no additional loans during the year. The balance of the loan outstanding
December 31, 2023 consists of:
CFDA Number Program Name
Outstanding
Balance at
December
31, 2023
14.134 Mortgage Insurance - Rental Housing $ 4 ,227,893