Notes to SEFA
Title: Note 1 Basis of Presentation
Accounting Policies: Expenditures in the schedule are reported on the accrual basis of accounting. Such expenditures are recongized 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: The organization uses a cost allocation plan based on the number of transactions.
The accompanying schedule of expenditures of federal awards (the schedule) includes the federal grant activity of Sheboygan Senior Community, Inc. and Affiliate (the Organization) under programs of the federal government for the year ended June 30, 2024. The information in the Schedule is presented in accordance with the requirements of the Title 2 US 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 basic consolidated financial statements.
Title: Note 2 Significant Accounting Policies
Accounting Policies: Expenditures in the schedule are reported on the accrual basis of accounting. Such expenditures are recongized 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: The organization uses a cost allocation plan based on the number of transactions.
Expenditures in 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. The Organization has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Title: Note 3 Other Matters
Accounting Policies: Expenditures in the schedule are reported on the accrual basis of accounting. Such expenditures are recongized 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: The organization uses a cost allocation plan based on the number of transactions.
At June 30, 2024, the balance of the USDA loan is $10,235,414.