Notes to SEFA
Title: NOTE 1 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 New Life Senior Resort Project has elected not to use the 10-percent de minimis 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., New Life Senior Resort, Project Number 056-EE-047 (New Life Senior Resort 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 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: NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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 New Life Senior Resort Project has elected not to use the 10-percent de minimis indirect cost rate 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.
Title: NOTE 3 INDIRECT COST RATE
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 New Life Senior Resort Project has elected not to use the 10-percent de minimis indirect cost rate allowed under Uniform Guidance.
The New Life Senior Resort Project has elected not to use the 10-percent de minimis indirect cost rate allowed under Uniform Guidance.
Title: NOTE 4 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 New Life Senior Resort Project has elected not to use the 10-percent de minimis indirect cost rate allowed under Uniform Guidance.
The New Life Senior Resort Project 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. It received no additional advances during the year. The balance of the capital advance outstanding as of December 31, 2023, consists of: AL Number: 14.157 Program- Section 202 Direct Loan Balance $2,457,289
Title: NOTE 5 PUBLIC ASSISTANCE SMALL PROJECT GRANT
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 New Life Senior Resort Project has elected not to use the 10-percent de minimis indirect cost rate allowed under Uniform Guidance.
The New Life Senior Resort Project received grant funds totaling $52,781 from Federal Emergency Management Agency (FEMA)’s Public Assistance Small Project grant. These funds were for hurricane repairs completed in 2018. These expenditures are not presented in the Schedule of Federal Expenditure of Federal Awards since the funds are related to prior year expenditures incurred from the hurricane.