Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Shingle Creek Senior Housing’s federal award is not based on eligible costs incurred.
De Minimis Rate Used: N
Rate Explanation: Shingle Creek Senior Housing has not made an election related to the use of the 10% de minimis indirect cost rate described in the Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Shingle
Creek Senior Housing. 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
portion of the operations of Shingle Creek Senior Housing, it is not intended to and does not present the
financial position, changes in net assets, or cash flows of Shingle Creek Senior Housing.
Title: HUD-insured Loan
Accounting Policies: Shingle Creek Senior Housing’s federal award is not based on eligible costs incurred.
De Minimis Rate Used: N
Rate Explanation: Shingle Creek Senior Housing has not made an election related to the use of the 10% de minimis indirect cost rate described in the Uniform Guidance.
Expenditures reported on the schedule represent the beginning of the year balance of an insured loan issued in
2013 for which the grantor imposes continuing compliance requirements. Proceeds of this loan were used to
refinance a previous HUD-insured loan. The balance of the loan outstanding as of December 31, 2024 is
$5,167,941.