Notes to SEFA
Accounting Policies: 1. SIGNIFICANT ACCOUNTING POLICIES
Organization
The accompanying schedule of expenditures of federal awards represents all Federal awards administered
by the Mid-York Senior Homes, Inc. The Organization is defined in Note 1 to the financial statements.
Basis of Accounting
The expenditures in the accompanying schedule are presented on an accrual basis of accounting. The
information in this schedule is presented in accordance with the requirements of the Uniform Guidance.
Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the
preparation of the financial statements.
De Minimis Indirect Cost Rate
The Organization has not elected to use the 10 percent de minimis indirect cost rate as allowed under the
Uniform Guidance.
2. LOANS OUTSTANDING
The Organization had the following loan balances outstanding at December 31, 2024. The balances of
these loans are included in the federal expenditures presented in the schedule.
2024
Mortgage Payable - RD The mortgage is due January 2029 with
interest at 8.75%, collateralized by the building, furniture, and
fixtures. Monthly payments for the Organization are $2,215. The
Federal government subsidized interest payments monthly, which
totaled $7,491 for 2024. The Federal government subsidized principal
payments monthly, which totaled $14,520 for 2024. $ 210,516
Mortgage Payable - RD The mortgage is due February 2045 with
interest at 8.00%, collateralized by the building, furniture, and
fixtures. Monthly payments for the Organization are $2,465. The
Federal government subsidized interest payments monthly, which
totaled $65,147 year for 2024. 946,904
Total $ 1,157,420
De Minimis Rate Used: N
Rate Explanation: De Minimis Indirect Cost Rate
The Organization has not elected to use the 10 percent de minimis indirect cost rate as allowed under the
Uniform Guidance.