Notes to SEFA
Title: 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. Negative amounts, if any, shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The Organization does not utilize an indirect cost rate as it would not be applicable to the insured loan and rental subsidy programs.
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal grant activity of Orchard View Elderly Housing, Inc. (the "Organization") under programs of the federal government for the year ended August 31, 2024. The information in this Schedule is presented in accordance with the requirements of the 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 Organization, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Organization.
Title: HUD insured loans:
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. Negative amounts, if any, shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The Organization does not utilize an indirect cost rate as it would not be applicable to the insured loan and rental subsidy programs.
The outstanding loan balance of the HUD insured mortgage (Federal Assistance Listing Number 14.155) as of the statement of financial position date is $2,589,635.
Title: Subrecipients:
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. Negative amounts, if any, shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The Organization does not utilize an indirect cost rate as it would not be applicable to the insured loan and rental subsidy programs.
There were no subrecipients during the year ended August 31, 2024, as there were no sub-awards of federal funds.