Audit 322859

Title: Capital Advances Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant activity of The Silvercrest Center for Nursing and Rehabilitation and Silvercrest Senior Housing Development Fund Corporation (the Fund) for the year ended December 31, 2023. The reporting entity resulting from the consolidation of these entities is referred to herein as “the Organization.” The Schedule is presented on the accrual basis of accounting. The information in the Schedule is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the Uniform Guidance). Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the consolidated financial statements of the Organization. For purposes of the Schedule, federal awards include any assistance provided by a federal agency directly or indirectly in the form of grants, contracts, cooperative agreements, direct appropriations, loan and loan guarantees, or other non-cash assistance. Direct and indirect costs are charged to awards in accordance with cost principles contained in the U.S. Department of Health and Human Services Cost Principles for Hospitals at 45 CFR Part 75 Appendix IX for Uniform Guidance awards. Under these cost principles, certain types of expenditures are not allowable or are limited as to reimbursement, the Uniform Guidance provides for a 10% de minimis indirect cost rate election; however, the Organization did not make this election and uses a negotiated indirect cost rate in the accompanying Schedule when applicable. De Minimis Rate Used: N Rate Explanation: Direct and indirect costs are charged to awards in accordance with cost principles contained in the U.S. Department of Health and Human Services Cost Principles for Hospitals at 45 CFR Part 75 Appendix IX for Uniform Guidance awards. Under these cost principles, certain types of expenditures are not allowable or are limited as to reimbursement, the Uniform Guidance provides for a 10% de minimis indirect cost rate election; however, the Organization did not make this election and uses a negotiated indirect cost rate in the accompanying Schedule when applicable. The Fund received the following capital advances in prior years and are included in the Schedule. The balance of capital advances outstanding at December 31, 2023 and 2022 consisted of: Federal Assistance Listing Number Program Name Outstanding Balance 14.157 Supportive Housing for the Elderly $ 14,473,100 14.239 Home Investment Partnerships Program 2,140,000