Title: BASIS OF PRESENTATION
Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule) includes the federal grant activity of Cleveland Manor II, Inc., HUD Project No. 048-11052, under programs of the federal government for the year ended December 31, 2024. The information in this Schedule is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations (CFR) 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 Cleveland Manor II, Inc., it is not intended to, and does not, present the financial position or changes in net position of Cleveland Manor II, Inc.
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.
The Organization has elected not to use the 10 percent de minimus indirect cost rate to recover costs allowed under the Uniform Guidance.
The Organization does not have any subrecipients.
*Outstanding loan at January 1, 2024.
De Minimis Rate Used: N
Rate Explanation: N/A
The accompanying schedule of expenditures of federal awards (Schedule) includes the federal grant activity of Cleveland Manor II, Inc., HUD Project No. 048-11052, under programs of the federal government for the year ended December 31, 2024. The information in this Schedule is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations (CFR) 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 Cleveland Manor II, Inc., it is not intended to, and does not, present the financial position or changes in net position of Cleveland Manor II, Inc.
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.
The Organization has elected not to use the 10 percent de minimus indirect cost rate to recover costs allowed under the Uniform Guidance.
The Organization does not have any subrecipients.
*Outstanding loan at January 1, 2024.
Title: RECONCILIATION OF REVENUE REPORTED IN THE FINANCIAL STATEMENTS
Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule) includes the federal grant activity of Cleveland Manor II, Inc., HUD Project No. 048-11052, under programs of the federal government for the year ended December 31, 2024. The information in this Schedule is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations (CFR) 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 Cleveland Manor II, Inc., it is not intended to, and does not, present the financial position or changes in net position of Cleveland Manor II, Inc.
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.
The Organization has elected not to use the 10 percent de minimus indirect cost rate to recover costs allowed under the Uniform Guidance.
The Organization does not have any subrecipients.
*Outstanding loan at January 1, 2024.
De Minimis Rate Used: N
Rate Explanation: N/A
Total rent per Statement of Activities $727,710
Less:
Non-subsidized rent payments (331,438)
Section 8 Housing Assistance Payments $396,272
Total grants per Statement of Activities $18,284
Less:
Non-federal grants (13,284)
Community Development Block Grant $5,000