Notes to SEFA
Title: Federal Loan Programs
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Shorefront Towers under programs of the federal government for the year ended December 31, 2024. 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 Shorefront Towers, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Shorefront Towers. 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: Shorefront Towers has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The federal loan program listed below is administered directly by Shorefront Towers and the balances and transactions relating to this program are included in Shorefront Towers’ basic financial statements. Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule. The balance of the loan outstanding at December 31, 2024 consists of: 14.157 Supportive Housing for the Elderly $11,169,850