Notes to SEFA
Title: NOTE A - Basis of Presentation
Accounting Policies: Marion Elderly Housing, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: 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. Marion Elderly Housing, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal award activity of Marion Elderly Housing, Inc. 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 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 Marion Elderly Housing, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Marion Elderly Housing, Inc.
Title: NOTE C – U.S. Department of Housing and Urban Development Loan Program
Accounting Policies: Marion Elderly Housing, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: 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. Marion Elderly Housing, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Marion Elderly Housing, Inc. has received a U.S. Department of Housing and Urban Development Capital Advance under Section 202 of the National Housing Act. The Capital Advance under Section 202 balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. Marion Elderly Housing, Inc. received no additional Capital Advance loans during the year. The balance of the Capital Advance outstanding at September 30, 2024 consists of: Federal Assistance Listing Number - 14.157; Program Name - Supportive Housnig for the Elderly Section 202 Capital Advance; Outstanding Balance at September 30 2024 - $2700200