Notes to SEFA
Title: Note 3: SECTION 232 INSURED LOAN
Accounting Policies: Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation – This schedule includes the activity of Mathison Retirement Community, Inc. (the Organization) 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).
De Minimis Rate Used: N
Rate Explanation: Note 2: INDIRECT COST RATE
The Company has not elected to use the 10% de minimis indirect cost rate allowed under Uniform
Guidance.
Federal expenditures reported on the schedule includes a Section 232 insured loan with a balance of $6,621,772 outstanding at June 30, 2023, for which the grantor imposes continuing compliance requirements. Mathison Retirement Community, Inc. received no additional loans during the year.The balance of the loan outstanding at June 30, 2024 is $6,477,871.
Title: Note 4: FEDERALLY FUNDED INSURANCE
Accounting Policies: Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation – This schedule includes the activity of Mathison Retirement Community, Inc. (the Organization) 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).
De Minimis Rate Used: N
Rate Explanation: Note 2: INDIRECT COST RATE
The Company has not elected to use the 10% de minimis indirect cost rate allowed under Uniform
Guidance.
The Company has no federally funded insurance.
Title: Note 5: NONCASH ASSISTANCE
Accounting Policies: Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation – This schedule includes the activity of Mathison Retirement Community, Inc. (the Organization) 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).
De Minimis Rate Used: N
Rate Explanation: Note 2: INDIRECT COST RATE
The Company has not elected to use the 10% de minimis indirect cost rate allowed under Uniform
Guidance.
The Company did not receive any federal noncash assistance for the fiscal year ended June 30, 2024.