Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported in 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 Eventide and Subsidiaries (Organization) under programs of the federal government for the year ended September 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 consolidated financial position, changes in net assets, or cash flows of the Organization.
Title: Principles of Consolidation
Accounting Policies: Expenditures reported in 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 consolidated schedule of expenditures of federal awards includes the federal grant activity of Eventide and its consolidated subsidiaries (collectively, the Organization), which received federal financial assistance. Significant intercompany balances and transactions have been eliminated in the consolidated schedule of expenditures of federal awards.
The following entities and their associated TIN numbers included within the Schedule are as follows:
450275011 Lake Region Lutheran Home Inc.
411486796 Eventide Living Center
The accompanying Schedule does not include federal grant activity of the following subsidiaries: Eventide, Eventide Fargo LLC, Eventide Fargo – Senior Living LLC, Eventide Jamestown LLC, and Eventide West Fargo, LLC as these organizations did not expend any federal grant dollars during the year.
Title: Loan Programs
Accounting Policies: Expenditures reported in 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 on this Schedule consists of the beginning of the year outstanding loan balances of the Organization's USDA direct loan of $2,880,391 as well as $2,688,991 which is 90% of the beginning of the year outstanding balance of the Organization's USDA guaranteed loan. If applicable, advances made on the loans during the year are reported on the Schedule. The Organization made no advances on the loans during the year ended September 30, 2024. The Organization's outstanding loan balances for the direct loan and the guaranteed loan as of September 30, 2024 are $2,763,597 and $2,925,191 (of which 90% is $2,632,672), respectively.