Title: Note 1 - Basis of Presentation:
Accounting Policies: Note 1 - Basis of Presentation: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Lions Community Manor, a component unit of Lions Community Services Corporation 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 Lions Community Manor, a component unit of Lions Community Services Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Lions Community Manor, a component unit of Lions Community Services Corporation.
Note 2 - Significant Accounting Policies: Expenditures reported on 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. Pass through entity identifying numbers are presented where available.
De Minimis Rate Used: Y
Rate Explanation: Lions Community Manor, a component unit of Lions Community Services Corporation has elected to use the 10-percent de minimis indirect cost rate as allowed under Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Lions Community Manor, a component unit of Lions Community Services Corporation 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 Lions Community Manor, a component unit of Lions Community Services Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Lions Community Manor, a component unit of Lions Community Services Corporation.
Title: Note 2 - Significant Accounting Policies:
Accounting Policies: Note 1 - Basis of Presentation: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Lions Community Manor, a component unit of Lions Community Services Corporation 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 Lions Community Manor, a component unit of Lions Community Services Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Lions Community Manor, a component unit of Lions Community Services Corporation.
Note 2 - Significant Accounting Policies: Expenditures reported on 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. Pass through entity identifying numbers are presented where available.
De Minimis Rate Used: Y
Rate Explanation: Lions Community Manor, a component unit of Lions Community Services Corporation has elected to use the 10-percent de minimis indirect cost rate as allowed under Uniform Guidance.
Expenditures reported on 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. Pass through entity identifying numbers are presented where available.
Title: Note 3 - Loan Program:
Accounting Policies: Note 1 - Basis of Presentation: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Lions Community Manor, a component unit of Lions Community Services Corporation 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 Lions Community Manor, a component unit of Lions Community Services Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Lions Community Manor, a component unit of Lions Community Services Corporation.
Note 2 - Significant Accounting Policies: Expenditures reported on 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. Pass through entity identifying numbers are presented where available.
De Minimis Rate Used: Y
Rate Explanation: Lions Community Manor, a component unit of Lions Community Services Corporation has elected to use the 10-percent de minimis indirect cost rate as allowed under Uniform Guidance.
The following is the activity of the loan payable for the year ended June 30, 2024: Assistance Listing Number 14.134, Program Name Mortgage Insurance - Rental Housing (Section 223(f)), Loan Outstanding June 30. 2023 $34,037,695, Loans Awarded for the Year Ended June 30, 2024 $-0-, Loan Principal Repaid for the Year Ended June 30, 2024 $425,034, Loan Outstanding June 30. 2024 $33,612,661.