Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards 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.
De Minimis Rate Used: N
Rate Explanation: Bethany Manor, Inc. and affiliates dba: Bethany Life has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal award activity of Bethany Manor, Inc. and affiliates dba: Bethany Life 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 of expenditures of federal awards presents only a selected portion of the operations of Bethany Manor, Inc. and affiliates dba: Bethany Life, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Bethany Manor, Inc. and affiliates dba: Bethany Life.
Title: U.S. DEPARTMENT OF AGRICULTURE COMMUNITY FACILITIES LOANS AND GRANTS
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards 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.
De Minimis Rate Used: N
Rate Explanation: Bethany Manor, Inc. and affiliates dba: Bethany Life has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Bethany Manor, Inc. and affiliates dba: Bethany Life has received guaranteed loans from U.S. Department of Agriculture. The loans are in repayment status and the outstanding balance of the loans at the beginning of the year is included in the federal expenditures presented in this schedule. The Organization received no additional loans during the year. The balance of the loans outstanding at December 31, 2024 consists of: Program Name / Assistance Listing Number / Federal Expenditures: Community Facilities Loans and Grants / 10.766 / $19,544,560