Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. When applicable, 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. No federal financial assistance has been provided to a subrecipient.
De Minimis Rate Used: N
Rate Explanation: The Organization does not draw for indirect administrative expenses and has not elected to use the 10% de minimis cost rate.
The accompanying consolidated schedule of expenditures of federal awards (the schedule) includes the federal award activity of Bethany Lutheran Home for the Aged, Inc. (the Organization) under programs of the federal government for the year ended June 30, 2024. The information 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 Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization.
Title: Community Facilities Loan
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. When applicable, 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. No federal financial assistance has been provided to a subrecipient.
De Minimis Rate Used: N
Rate Explanation: The Organization does not draw for indirect administrative expenses and has not elected to use the 10% de minimis cost rate.
Expenditures reported in the schedule consist of the beginning of the year outstanding balance for the direct loan and guaranteed bonds plus advances made on the loan and guaranteed bonds during the year. There were no loan advances during the year ended June 30, 2024. Amounts reported on the schedule include one direct loan and a guaranteed loan. The guaranteed loan is guaranteed by the U.S. Department of Agriculture for up to 90% of the bond principal, and specifically identified as the Senior Secured Rural America Bonds Series 2011A. The outstanding balance at June 30, 2024, was $2,091,658 for the direct USDA loan and $5,263,282 for the guaranteed Series 2011A bonds.