Title: NOTE 1 – BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Scheduele are reported on the accrual basis of accounting. Such expenditures are recognixed following the cost principles contacined in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursment.
De Minimis Rate Used: N
Rate Explanation: For the year ended December 31, 2023, Glenbrook Road Elderly Housing Corporation did not elect to use the 10% de minimis indirect cost rate allowed in the Uniform Guidance, section 414.
The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of the Glenbrook Road Elderly Housing Corporation under programs of the federal government for the year ended December 31, 2023. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance. Because the schedule presents only a selected portion of the operations of the Glenbrook Road Elderly Housing Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Glenbrook Road Elderly Housing Corporation.
Title: NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported on the Scheduele are reported on the accrual basis of accounting. Such expenditures are recognixed following the cost principles contacined in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursment.
De Minimis Rate Used: N
Rate Explanation: For the year ended December 31, 2023, Glenbrook Road Elderly Housing Corporation did not elect to use the 10% de minimis indirect cost rate allowed in the Uniform Guidance, section 414.
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
Title: NOTE 3 – INDIRECT COST RATE
Accounting Policies: Expenditures reported on the Scheduele are reported on the accrual basis of accounting. Such expenditures are recognixed following the cost principles contacined in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursment.
De Minimis Rate Used: N
Rate Explanation: For the year ended December 31, 2023, Glenbrook Road Elderly Housing Corporation did not elect to use the 10% de minimis indirect cost rate allowed in the Uniform Guidance, section 414.
For the year ended December 31, 2023, Glenbrook Road Elderly Housing Corporation did not elect to use
the 10% de minimis indirect cost rate allowed in the Uniform Guidance, section 414.
Title: NOTE 4 – U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOAN PROGRAM
Accounting Policies: Expenditures reported on the Scheduele are reported on the accrual basis of accounting. Such expenditures are recognixed following the cost principles contacined in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursment.
De Minimis Rate Used: N
Rate Explanation: For the year ended December 31, 2023, Glenbrook Road Elderly Housing Corporation did not elect to use the 10% de minimis indirect cost rate allowed in the Uniform Guidance, section 414.
The Corporation has received a U.S. Department of Housing and Urban Development insured loan under Section 231 of the National Housing Act. The loan balance outstanding at the beginning of the period is included in the federal expenditures presented in the Schedule. The balance of the loan outstanding under CFDA #14.138 is $8,780,851 and $4,702,464 as of December 31, 2023 and 2022, respectively.