Notes to SEFA
Title: Note C — U.S. Department of Housing and Urban Development Loan Program
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Access Senior Housing of Willington, 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). The schedule presents only a selected portion of the operations of Access Senior Housing of Willington, Inc. It is not intended to, and does not present, the financial position, changes in net assets or cash flows of Access Senior Housing of Willington, Inc.
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. Access Senior Housing of Willington, Inc. has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Access Senior Housing of Willington, Inc. has received various U.S. Department of Housing and Urban Development funding. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the schedule. Access Senior Housing of Willington, Inc. received no additional loans during the year. The balance of the loan
outstanding at June 30, 2024, consists of:
Program Name ALN #
Section 202 Capital Advance 14.157 $ 4,645,036