Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting, except for the capital advance as discussed below.
2) Franklin Senior Housing, Inc.’s federal award is not based on eligible costs incurred.
De Minimis Rate Used: N
Rate Explanation: Franklin Senior Housing, Inc. has not made an election related to the use of the 10% de minimis indirect cost rate described in the Uniform Guidance.
This schedule includes the federal grant activity of Franklin Senior Housing, Inc. 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 Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements,
Cost Principles, and Audit Requirements for Federal Awards (the Uniform Guidance). Because the Schedule
presents only a selected portion of the operations of Franklin Senior Housing, Inc., it is not intended to and does
not present the financial position, changes in net assets, or cash flows of Franklin Senior Housing, Inc.
Title: Capital Advance
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting, except for the capital advance as discussed below.
2) Franklin Senior Housing, Inc.’s federal award is not based on eligible costs incurred.
De Minimis Rate Used: N
Rate Explanation: Franklin Senior Housing, Inc. has not made an election related to the use of the 10% de minimis indirect cost rate described in the Uniform Guidance.
Federal expenditures reported as capital advance represent the December 31, 2024 balance of a capital
advance which was received in prior periods. The grantor imposes continuing compliance requirements. The
balance of the capital advance outstanding as of December 31, 2024 is $4,407,500.