Notes to SEFA
Title: NOTE A - 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. St. Patrick’s Manor, Inc. has elected not to use the 10-percent
de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: N/A
The accompanying schedule of expenditures of federal awards includes the federal award activity of St. Patrick’s
Manor, Inc. 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 St. Patrick’s Manor, Inc., it is not intended to and
does not present the financial position, changes in net assets, or cash flows of St. Patrick’s Manor, Inc.
Title: NOTE B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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. St. Patrick’s Manor, Inc. has elected not to use the 10-percent
de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: N/A
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. St. Patrick’s Manor, Inc. has elected not to use the 10-percent
de minimis indirect cost rate allowed under the Uniform Guidance.
Title: NOTE C – U.S. Department of Housing and Urban Development Loan Program
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. St. Patrick’s Manor, Inc. has elected not to use the 10-percent
de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: N/A
St. Patrick’s Manor, Inc. has received a U.S. Department of Housing and Urban Development Capital Advance
under Section 202 of the National Housing Act. The Capital Advance balance outstanding at the beginning of the
year is included in the federal expenditures presented in the Schedule. St. Patrick’s Manor, Inc. received no
additional Capital Advances during the year. The balance of the Capital Advance outstanding at December 31, 2024
consists of: