Notes to SEFA
Title: Note 1. Basis of Presentation
Accounting Policies: Note 2. Summary of Significant Accounting Policies 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.
De Minimis Rate Used: N
Rate Explanation: Note 3. Indirect Cost Rate
The Company has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the "Schedule") includes the federal award activity of the Mississippi Methodist Senior Services, Inc. and Subsidiaries ("the Company") under programs of the federal government for the year ended December 31, 2024, with the exception of Lauderdale Senior Services, Inc. and Hattiesburg Area Senior Services, Inc., both of which had separate single audits. These two subsidiaries are included in the consolidated financial statements but are not included in the Schedule. 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 the Company, it is not intended to and does not present the financial position, changes in net positions, or cash flows of the Company.
Title: Note 4. Federal Loan Program
Accounting Policies: Note 2. Summary of Significant Accounting Policies 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.
De Minimis Rate Used: N
Rate Explanation: Note 3. Indirect Cost Rate
The Company has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The federal loan program listed subsequently is administered directly by the Company, and balances and transactions relating to this program are included in the Company's consolidated 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 loan balance outstanding at December 31, 2024, consists of:
Assistance
Listing
Number
Program Name Outstanding
Balance
December 31,
2024
14.157 Supportive Housing for the Elderly (Section 202) $ 258,758
Title: Note 5. Subsidiaries Not Included in the Schedule
Accounting Policies: Note 2. Summary of Significant Accounting Policies 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.
De Minimis Rate Used: N
Rate Explanation: Note 3. Indirect Cost Rate
The Company has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Lauderdale Senior Services, Inc. and Hattiesburg Area Senior Services, Inc. are subsidiaries of the Company, however their federal awards are not included in the Schedule. These entities are regulated by the U.S. Department of Housing and Urban Development and as such are required to undergo separate individual single audits. The federal awards expensed by these two funds and reported in their respective schedules of expenditures of federal awards for the year ended December 31, 2024, are as follows:
CFDA
Number
Program Name Federal Expenditures
Lauderdale Senior Services, Inc.
14.155 Purchase or Refinancing of Existing Multifamily
Housing Projects (Section 223(f)) $ 3,252,166
14.856 Lower Income Housing Assistance Program Section 8
Moderate Rehabilitation – Section 8 Project-Based Cluster $ 590,284
Hattiesburg Area Senior Services, Inc.
14.157 Supportive Housing for the Elderly (Section 202) $ 359,422
14.856 Lower Income Housing Assistance Program Section 8
Moderate Rehabilitation – Section 8 Project-Based Cluster $ 430,793