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
the cost principles 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: No indirect costs are allocated, therefore, no indirect cost rate is needed.
The accompanying schedule of expenditures of federal awards (The "Schedule") includes the federal award activity of Akron Care
Center Inc., and is presented on the accrual basis of accounting. 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
Akron Care Center, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Akron
Care Center, Inc.
Title: Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following
the cost principles 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: No indirect costs are allocated, therefore, no indirect cost rate is needed.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following
the cost principles in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: Loans Outstanding
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following
the cost principles 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: No indirect costs are allocated, therefore, no indirect cost rate is needed.
Akron Care Center, Inc. has received a U.S. Department of Agriculture Community Facilities Loans & Grants. The loan balance
outstanding at the beginning of the audit period is included in the federal expenditures presented in the Schedule. Akron Care Center,
Inc. received no additional loans during the audit period. The following loan balances were outstanding at June 30, 2024:
Assistance
Listing Amount
Number Outstanding
Community Facilities Loans & Grants 10.766 $ 3,282,286