Notes to SEFA
Title: FEDERAL LOAN PROGRAMS
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Atmore Senior Housing, Inc., HUD Project No. 062-11147, 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 (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Project has not elected to use the 10-percent de minimis cost rate allowed under the Uniform Guidance.
The amount of federal expenditures in the accompanying schedule of expenditures of federal awards includes the outstanding balance of a mortgage payable to HUD of $1,231,624 as of July 1, 2023. The balance was $1,198,625 as of June 30, 2024.