Notes to SEFA
Title: 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, 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.
De Minimis Rate Used: Y
Rate Explanation: Bolton Senior Housing Corporation has elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the
federal award activity of Bolton Senior Housing Corporation, HUD Project No. 023-EE-080, 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 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 the Corporation, it is not intended to and does not present the
financial position, changes in net assets, or cash flows of Bolton Senior Housing Corporation. For
the year ended June 30, 2024, no awards were passed through to subrecipients.
Title: 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, 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.
De Minimis Rate Used: Y
Rate Explanation: Bolton Senior Housing Corporation has elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Bolton Senior Housing Corporation has received a U.S. Department of Housing and Urban
Development direct loan under Section 202 of the National Housing Act. The loan balance
outstanding at the beginning of the year is included in the federal expenditures presented in the
Schedule. Bolton Senior Housing Corporation received no additional loans during the year. The
balance of the loan outstanding at June 30, 2024 consists of:
Assistance Listing Outstanding
Number Program Name June 30, 2024
14.157 Section 202 Capital Advance $ 3,437,300