Title: Basis of presentation
Accounting Policies: The expenditure reported on the Schedule is reported on the accrual basis of accounting. Such expenditure is recognized following, as applicable, either the cost principles in OMB Circular A-122, Cost Principles for Non-Profit Organizations, or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: Somerset Care, Inc., Project No. 033-22079, has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal award activity of Somerset Care, Inc., Project No. 033-22079, under a program 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 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 Somerset Care, Inc., Project No. 033-22079, it is not intended to, and does not, present the financial position, changes in net deficit, or cash flows of Somerset Care, Inc., Project No. 033-22079.
Title: Federal loan guarantee program
Accounting Policies: The expenditure reported on the Schedule is reported on the accrual basis of accounting. Such expenditure is recognized following, as applicable, either the cost principles in OMB Circular A-122, Cost Principles for Non-Profit Organizations, or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: Somerset Care, Inc., Project No. 033-22079, has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The federal loan guarantee program listed subsequently is administered directly by Somerset Care, Inc., Project No.033-22079, and balances and transactions relating to this program are included in Somerset Care, Inc., Project No. 033-22079's basic financial statements. The balance of the loan outstanding at June 30, 2024, consists of: