Notes to SEFA
Title: BASIS OF PRESENTATION
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.
De Minimis Rate Used: N
Rate Explanation: The Project has elected not to use the 10-percent de minims indirect cost rate allowed under Uniform Guidance
The accompanying Schedule of Expenditures of Federal Awards (the "Schedule") includes the federal award activity of N L Resort Inc.'s New Life Senior Resort (New Life Senior Resort), Project Number 056-EE-047, under programs of the federal government for the year ended December 31, 2022. 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 New Life Senior Resort's operations, it is not intended to and does not present the financial position, changes in net assets, or cash flows of New Life Senior Resort.
Title: U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOAN PROGRAM
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.
De Minimis Rate Used: N
Rate Explanation: The Project has elected not to use the 10-percent de minims indirect cost rate allowed under Uniform Guidance
New Life Senior Resort has received a U.S. Department of Housing and Urban Development Capital Advance under Section 202 of the National Housing Act. The capital advance balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. New Life Senior Resort received no additional advances during the year. The balance of the capital advance outstanding at December 31, 2022, consists of AL Number 14.157 Program -Section 202 Direct Loan Balance $2,457,289.