Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: OMB Circular A-122, Cost Principles for Non-Profit Organizations and the cost principles contained in the Uniform Guidance
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Pollywog Creek Senior Housing, Inc., under programs of the federal government for the year ended December 31, 2024. The information in the 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 Pollywog Creek Senior Housing, Inc., it is not intended to and does not present the statements of activities, changes in net assets, and cash flows of Pollywog Creek Senior Housing, Inc..
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: OMB Circular A-122, Cost Principles for Non-Profit Organizations and the cost principles contained in the Uniform Guidance
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, the cost principles contained in OMB Circular A-122, “Cost Principles for Non-Profit Organizations” and the cost principles contained in the Uniform Guidance. Pollywog Creek Senior Housing, Inc. has elected not to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance.
Title: HUD CAPITAL ADVANCE PROGRAM
Accounting Policies: OMB Circular A-122, Cost Principles for Non-Profit Organizations and the cost principles contained in the Uniform Guidance
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Pollywog Creek Senior Housing, Inc. has received a capital advance under the U.S. Department of Housing and Urban Development’s Supportive Housing for the Elderly Section 202 Capital Advance Program. The capital advance is treated as a loan program for reporting federal expenditures. The principal outstanding at the beginning of the period is included in the federal expenditures presented in the Schedule. Pollywog Creek Senior Housing, Inc. made payments totaling $0 during the year ended December 31, 2024. The balance of the loan outstanding at December 31, 2024 was $3,837,200.