Title: NOTE A – BASIS OF PRESENTATION
Accounting Policies: NOTE A – BASIS OF PRESENTATION
The above schedule of expenditures of federal awards includes the federal grant activity of Loyal Heights Manor, HUD Project No. 127-11253 and 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); the financial statements have been prepared and presented based upon accounting principles generally accepted in the United States of America (US GAAP); therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements. Because the Schedule presents only a selected portion of the operations of Loyal Heights Manor, it is not intended to and does not present the financial position, change in net assets, or cash flows of Loyal Heights Manor.
De Minimis Rate Used: N
Rate Explanation: Loyal Heights Manor has elected not to use the ten percent (10%) de Minimis indirect cost rate allowed under the Uniform Guidance.
The above schedule of expenditures of federal awards includes the federal grant activity of Loyal Heights Manor, HUD Project No. 127-11253 and 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); the financial statements have been prepared and presented based upon accounting principles generally accepted in the United States of America (US GAAP); therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements. Because the Schedule presents only a selected portion of the operations of Loyal Heights Manor, it is not intended to and does not present the financial position, change in net assets, or cash flows of Loyal Heights Manor.
Title: NOTE B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: NOTE A – BASIS OF PRESENTATION
The above schedule of expenditures of federal awards includes the federal grant activity of Loyal Heights Manor, HUD Project No. 127-11253 and 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); the financial statements have been prepared and presented based upon accounting principles generally accepted in the United States of America (US GAAP); therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements. Because the Schedule presents only a selected portion of the operations of Loyal Heights Manor, it is not intended to and does not present the financial position, change in net assets, or cash flows of Loyal Heights Manor.
De Minimis Rate Used: N
Rate Explanation: Loyal Heights Manor has elected not to use the ten percent (10%) de Minimis indirect cost rate allowed under the Uniform Guidance.
Expenditures reported on the Schedule 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. Loyal Heights Manor has elected not to use the ten percent (10%) de Minimis indirect cost rate allowed under the Uniform Guidance.
Title: NOTE C – U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOAN PROGRAMS
Accounting Policies: NOTE A – BASIS OF PRESENTATION
The above schedule of expenditures of federal awards includes the federal grant activity of Loyal Heights Manor, HUD Project No. 127-11253 and 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); the financial statements have been prepared and presented based upon accounting principles generally accepted in the United States of America (US GAAP); therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements. Because the Schedule presents only a selected portion of the operations of Loyal Heights Manor, it is not intended to and does not present the financial position, change in net assets, or cash flows of Loyal Heights Manor.
De Minimis Rate Used: N
Rate Explanation: Loyal Heights Manor has elected not to use the ten percent (10%) de Minimis indirect cost rate allowed under the Uniform Guidance.
Loyal Heights Manor has received a U.S. Department of Housing and Urban Development insured loan under Section 207, pursuant to Section 223(f), of the National Housing Act. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. The balance of the loan outstanding at March 31, 2025 was $7,272,946.