Title: Note 1 - Single Audit Reporting Entity
Accounting Policies: The Schedule of Expenditures of Federal Awards 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). Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: Castle Manor, Inc. does not use the de minimis cost rate.
Castle Manor, Inc., HUD Project No. 072-22151, operates a 54-unit licensed supportive living facility, providing residential facilities and assistance with daily living activities for seniors in Central Illinois. The accompanying Schedule of Expenditures of Federal Awards (SEFA) presents the activity of all federal award programs of Castle Manor, Inc., HUD Project No. 072-22151 for the year ended December 31, 2024. The SEFA includes all federal awards received directly from federal agencies, as well as federal financial awards passed through other agencies.
Title: Note 2 - Basis of Accounting
Accounting Policies: The Schedule of Expenditures of Federal Awards 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). Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: Castle Manor, Inc. does not use the de minimis cost rate.
The Schedule of Expenditures of Federal Awards 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). Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
Title: Note 3 - Amounts Provided to Sub-recipients
Accounting Policies: The Schedule of Expenditures of Federal Awards 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). Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: Castle Manor, Inc. does not use the de minimis cost rate.
Castle Manor, Inc., HUD Project No. 072-22151, does not provide federal funds to sub-recipients.
Title: Note 4 - U.S. Department of Housing and Urban Development Loan Program
Accounting Policies: The Schedule of Expenditures of Federal Awards 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). Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: Castle Manor, Inc. does not use the de minimis cost rate.
Castle Manor, Inc. obtained a mortgage insured by the U.S. Department of Housing and Urban Development (HUD) under its Mortgage Insurance- Nursing Homes, Intermediate Care Facilities, Board and Care Homes and Assisted Living Facilities - Sec. 232 program. The outstanding balance on the loan was $ 4,782,534 and $ 4,916,582 on December 31, 2024 and 2023, respectively.