Title: Basis of Presentation
Accounting Policies: Basis of Presentation
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of OIC Senior Housing, Inc. (the “Project”) under programs of the federal government for the year ended December 31, 2023. 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”). Because the Schedule presents only a selected portion of the operations of the Project, it is not intended to and does not present the Project’s financial position, changes in net assets, or cash flows.
Summary of 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. OIC Senior Housing, Inc. has elected not to use the ten percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The outstanding balance of loan and loan guarantee programs at December 31, 2023. with continuing compliance requirements which are reported as federal expenditures on the accompanying schedule of expenditures of federal awards was $2,971,814.
De Minimis Rate Used: N
Rate Explanation: OIC Senior Housing, Inc. has elected not to use the ten percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of OIC Senior Housing, Inc. (the “Project”) under programs of the federal government for the year ended December 31, 2023.
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”). Because the Schedule presents only a selected portion of the operations of the Project, it is not intended to and does not present the Project’s financial position, changes in net assets, or cash flows.
Title: Summary of Significant Accounting Policies
Accounting Policies: Basis of Presentation
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of OIC Senior Housing, Inc. (the “Project”) under programs of the federal government for the year ended December 31, 2023. 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”). Because the Schedule presents only a selected portion of the operations of the Project, it is not intended to and does not present the Project’s financial position, changes in net assets, or cash flows.
Summary of 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. OIC Senior Housing, Inc. has elected not to use the ten percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The outstanding balance of loan and loan guarantee programs at December 31, 2023. with continuing compliance requirements which are reported as federal expenditures on the accompanying schedule of expenditures of federal awards was $2,971,814.
De Minimis Rate Used: N
Rate Explanation: OIC Senior Housing, Inc. has elected not to use the ten percent de minimis indirect cost rate as allowed under the 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. OIC Senior Housing, Inc. has elected not to use the ten percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The outstanding balance of loan and loan guarantee programs at December 31, 2023. with continuing compliance requirements which are reported as federal expenditures on the accompanying schedule of expenditures of federal awards was $2,971,814.