Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Basis of PresentationThis schedule includes the federal grant activity of Wellstone Commons Senior Housing under programs of thefederal government for the year ended December 31, 2022. The information in this schedule is presented inaccordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform AdministrativeRequirements, Cost Principles, and Audit Requirements for Federal Awards (the Uniform Guidance). Becausethe Schedule presents only a selected portion of the operations of Wellstone Commons Senior Housing, it isnot intended to and does not present the financial position, changes in net assets, or cash flows of WellstoneCommons Senior Housing.
De Minimis Rate Used: N
Rate Explanation: Summary of Significant Accounting Policies1) The expenditures reported on this schedule are reported on the accrual basis of accounting except forthe capital advance as discussed below.2) Wellstone Commons Senior Housings federal award is not based on eligible costs incurred.Accordingly, Wellstone Commons Senior Housing has not made an election related to the use of the10% de minimis indirect cost rate described in the Uniform Guidance.
Capital AdvanceExpenditures reported as capital advance represent the December 31, 2021 balance of a capital advance received in previous years for which the grantor imposes continuing compliance requirements. The balance of the capital advance outstanding as of December 31, 2022 is $2,329,900.