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.
De Minimis Rate Used: N
Rate Explanation: Partnership for Seniors, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (Schedule) includes the federal grant activity of Partnership for Seniors, Inc., operating as Leeds Housing for the Elderly, HUD Project No. 024-EH157 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). Because the Schedule presents only a selected portion of the operations of Partnership for Seniors, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Partnership for Seniors, Inc.
Title: U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT DIRECT LOAN
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.
De Minimis Rate Used: N
Rate Explanation: Partnership for Seniors, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Partnership for Seniors, Inc. has received a HUD mortgage note under Section 202 of the Housing Act. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. Partnership for Seniors, Inc. received no additional loans during the year. The balance of the loan outstanding as of September 30, 2024 was $479,954.