Notes to SEFA
Title: 1) Basis of Presentation
Accounting Policies: 2) 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. Saraland Manor, Inc. has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Due to the nature of the property all cost incurred are direct, no indirect cost are recovered by the property.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes federal award activity of Saraland Manor, Inc., under programs of the federal government for the year ended December 31, 2022. 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 Saraland Manor, Inc., it is not intended to and does not present the financial position, changes in net assets or cash flows of Saraland Manor, Inc.
Title: 2) Summary of Significant Accounting Policies
Accounting Policies: 2) 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. Saraland Manor, Inc. has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Due to the nature of the property all cost incurred are direct, no indirect cost are recovered by the property.
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. Saraland Manor, Inc. has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Title: 3) Loans Outstanding
Accounting Policies: 2) 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. Saraland Manor, Inc. has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Due to the nature of the property all cost incurred are direct, no indirect cost are recovered by the property.
Saraland Manor, Inc. has received U.S. Department of Housing and Urban Development direct loans under section (221(D)(4)) and section (241 (a))of the National Housing Act. The loan balances outstanding at the beginning of the year is included in the federal award Schedule. Saraland Manor, Inc. received no additional loans during the year. The balance of the loans outstanding at December 31, 2022 are as follows: