Title: Awards for Sub-Recipients
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activityof Naomi and Sylvester Smith Senior Living Center HUD Project No. 071-EE240, under programs of the federalgovernment for the year ended December 31, 2024. The information in this Schedule is presented in accordancewith the requirements of the Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform AdministrativeRequirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because theSchedule presents only a selected portion of the operations of Naomi and Sylvester Smith Senior Living CenterHUD Project No. 071-EE240, it is not intended to and does not present the financial position, changes in net assetsor cash flows of Naomi and Sylvester Smith Senior Living Center.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. 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. Pass-through entity identifying numbers are presented where available. The organization has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Organization does not have sub-recipients of federal awards.
Title: Loan and Loan Guarantees
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activityof Naomi and Sylvester Smith Senior Living Center HUD Project No. 071-EE240, under programs of the federalgovernment for the year ended December 31, 2024. The information in this Schedule is presented in accordancewith the requirements of the Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform AdministrativeRequirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because theSchedule presents only a selected portion of the operations of Naomi and Sylvester Smith Senior Living CenterHUD Project No. 071-EE240, it is not intended to and does not present the financial position, changes in net assetsor cash flows of Naomi and Sylvester Smith Senior Living Center.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. 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. Pass-through entity identifying numbers are presented where available. The organization has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
Naomi and Sylvester Smith Senior Living Center HUD Project No. 071-EE240 did not receive any additional loans orloan guarantees during the year ended December 31, 2024. Capital advance at the end of 2024 were $9,127,500.
Title: Insurance
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activityof Naomi and Sylvester Smith Senior Living Center HUD Project No. 071-EE240, under programs of the federalgovernment for the year ended December 31, 2024. The information in this Schedule is presented in accordancewith the requirements of the Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform AdministrativeRequirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because theSchedule presents only a selected portion of the operations of Naomi and Sylvester Smith Senior Living CenterHUD Project No. 071-EE240, it is not intended to and does not present the financial position, changes in net assetsor cash flows of Naomi and Sylvester Smith Senior Living Center.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. 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. Pass-through entity identifying numbers are presented where available. The organization has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
Naomi and Sylvester Smith Senior Living Center HUD Project No. 071-EE240 did not receive any insurance assistance.
Title: Non-Cash Assistance
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activityof Naomi and Sylvester Smith Senior Living Center HUD Project No. 071-EE240, under programs of the federalgovernment for the year ended December 31, 2024. The information in this Schedule is presented in accordancewith the requirements of the Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform AdministrativeRequirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because theSchedule presents only a selected portion of the operations of Naomi and Sylvester Smith Senior Living CenterHUD Project No. 071-EE240, it is not intended to and does not present the financial position, changes in net assetsor cash flows of Naomi and Sylvester Smith Senior Living Center.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. 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. Pass-through entity identifying numbers are presented where available. The organization has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Organization did not receive any non-cash assistance.