Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: NOTE A - BASIS OF PRESENTATION: The accompanying schedule of expenditures of federal awards includes the federal award activity of SNHS Elderly Housing III, Inc., HUD Project No. 024-EE031, 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 SNHS Elderly Housing III, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows from SNHS Elderly Housing III, Inc.
De Minimis Rate Used: N
Rate Explanation: NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. SNHS Elderly Housing III, Inc., has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
NOTE C - U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOAN PROGRAM: SNHS Elderly Housing III, Inc., has received a U.S. Department of Housing and Urban Development direct loan under Section 202 of the National Housing Act. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. SNHS Elderly Housing III, Inc., received no additional loans during the year. The balance of the loan outstanding at March 31, 2022 consists of: Assistance Listing - 14.157; Program Name - Section 202 Direct Loan; Outstanding Balance at March 31, 2022 - $3,522,500.