Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in the UniformGuidance, wherein certain types of expenditures are not allowable or are limited as toreimbursement. The Corporation has elected not to use the 10-percent de minimis indirectcost rate allowed under the Uniform Guidance. There were no sub-recipients during the yearended June 30, 2022.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule) includes thefederal grant activity of Evangelical Senior Housing T/A Manor Glen, HUD PropertyNo. 034-EE045-WAH (the Corporation) under programs of the federal government for theyear ended June 30, 2022. The information in this Schedule is presented in accordance withthe requirements of the Title 2 U.S Code of Federal Regulations (CFR) Part 200, UniformAdministrative Requirements, Cost Principles and Audit Requirements for Federal Awards(Uniform Guidance). Because the Schedule presents only a selected portion of the operationsof Evangelical Senior Housing T/A Manor Glen, HUD Property No. 034-EE045-WAH, it isnot intended to and does not present the financial position, changes in net assets or cashflows of Evangelical Senior Housing T/A Manor Glen, HUD Property No. 034-EE045-WAH.
Title: U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT (HUD) CAPITAL ADVANCE
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in the UniformGuidance, wherein certain types of expenditures are not allowable or are limited as toreimbursement. The Corporation has elected not to use the 10-percent de minimis indirectcost rate allowed under the Uniform Guidance. There were no sub-recipients during the yearended June 30, 2022.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Corporation has received a HUD Capital Advance under Section 202 of the NationalAffordable Housing Act of 1990 (Capital Advances). The balance of the Capital Advances atthe beginning of the year is included in the federal expenditures presented in the Schedule.The Corporation received no additional capital advances during the year. The balance of theCapital Advances at June 30, 2022 consists of the HUD Section 202 Capital Advances in theamount of $4,267,200. The Corporation received $433,048 in project rental assistancepayments under a Project Rental Assistance Contract under the same CFDA number(14.157), which is separately presented on the Schedule.
Title: U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT (HUD) CAPITAL ADVANCE
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in the UniformGuidance, wherein certain types of expenditures are not allowable or are limited as toreimbursement. The Corporation has elected not to use the 10-percent de minimis indirectcost rate allowed under the Uniform Guidance. There were no sub-recipients during the yearended June 30, 2022.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Corporation has received a HUD Capital Advance under Section 202 of the NationalAffordable Housing Act of 1990 (Capital Advances). The balance of the Capital Advances atthe beginning of the year is included in the federal expenditures presented in the Schedule.The Corporation received no additional capital advances during the year. The balance of theCapital Advances at June 30, 2022 consists of the HUD Section 202 Capital Advances in theamount of $4,267,200. The Corporation received $433,048 in project rental assistancepayments under a Project Rental Assistance Contract under the same CFDA number(14.157), which is separately presented on the Schedule.