Title: Basis of Presentation
Accounting Policies: NOTE A – Basis of Presentation: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Shelby Senior Housing, Inc, HUD Project No. 062-11192, 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 the Project, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Project. NOTE B – Summary of Significant 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. Shelby Senior Housing, Inc Apartments has elected not to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance. NOTE C – U.S Department of Housing and Urban Development Loan Program: The accompanying schedule of expenditures and federal awards includes the loan balance outstanding at the beginning of the year for the U.S Department of Housing and Urban Development loan programs. No additional loans were received during the year. The balance outstanding at September 30, 2024 is $2,058,425.
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 the federal award activity of Shelby Senior Housing, Inc, HUD Project No. 062-11192, 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 the Project, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Project.
Title: Summary of Significant Accounting Policies
Accounting Policies: NOTE A – Basis of Presentation: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Shelby Senior Housing, Inc, HUD Project No. 062-11192, 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 the Project, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Project. NOTE B – Summary of Significant 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. Shelby Senior Housing, Inc Apartments has elected not to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance. NOTE C – U.S Department of Housing and Urban Development Loan Program: The accompanying schedule of expenditures and federal awards includes the loan balance outstanding at the beginning of the year for the U.S Department of Housing and Urban Development loan programs. No additional loans were received during the year. The balance outstanding at September 30, 2024 is $2,058,425.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
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. Shelby Senior Housing, Inc Apartments has elected not to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance.
Title: U.S Department of Housing and Urban Development Loan Program
Accounting Policies: NOTE A – Basis of Presentation: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Shelby Senior Housing, Inc, HUD Project No. 062-11192, 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 the Project, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Project. NOTE B – Summary of Significant 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. Shelby Senior Housing, Inc Apartments has elected not to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance. NOTE C – U.S Department of Housing and Urban Development Loan Program: The accompanying schedule of expenditures and federal awards includes the loan balance outstanding at the beginning of the year for the U.S Department of Housing and Urban Development loan programs. No additional loans were received during the year. The balance outstanding at September 30, 2024 is $2,058,425.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures and federal awards includes the loan balance outstanding at the beginning of the year for the U.S Department of Housing and Urban Development loan programs. No additional loans were received during the year. The balance outstanding at September 30, 2024 is $2,058,425. See the Notes to the SEFA for table.