Title: Purpose of the Schedule
Accounting Policies: Reporting Entity
The reporting entity is fully described in Note 1 to Riverside Manor, Inc.’s basic financial statements. The Schedule includes all federal programs administered by Riverside manor, Inc. for the year ended June 30, 2025.
Basis of Presentation
The accompanying Schedule includes the federal award activity of the Riverside Manor, Inc. under programs of the federal government for the year ended June 30, 2025. The information in the Schedule is presented in accordance with the requirements of Title 2. U.S. Code of Federal Regulation 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 Authority, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Manor.
Federal Financial Assistance
Pursuant to the Single Audit Act and the Uniform Guidance, federal financial assistance is defined as assistance provided by a federal agency either directly or indirectly, in the form of grants, contracts, cooperative agreements, loans, loan guarantees, property, interest subsidies, insurance of direct appropriations. Accordingly, nonmonetary federal assistance, including federal surplus property, is included in federal financial assistance and, therefore, is reported on the Schedule, if applicable. Federal financial assistance does not include direct federal cash assistance to individuals. Solicited contracts between the Manor and the federal
government for which the federal government procures tangible goods or services are not considered to be federal financial assistance.
Major Programs
The Single Audit Act and the Uniform Guidance establish criteria to be used in defining major programs. Major programs for Riverside Manor, Inc. are those programs selected for testing by the auditor using a risk-assessment model, as well as certain minimum expenditure requirements, as outlined in the Uniform Guidance. Programs with similar requirements may be grouped into a cluster for testing purposes.
Basis of Accounting
Federal awards are reported for using the accrual basis of accounting. Revenues are recorded when earned, and expenses are recorded at the time liabilities are incurred.
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.
Insurance Coverage
For the fiscal year ended June 30, 2025, Riverside Manor, Inc. had insurance
coverage in effect comparable to other entities of similar size and circumstance.
De Minimis Rate Used: N
Rate Explanation: The Manor does not use the 10% de minimis indirect cost rate.
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) is a supplementary schedule to the Manor's financial statements and is presented for purposes of additional analysis. Because the Schedule presents only a selection portion of the activities of the Manor, it is nor intended to and does not present either the financial position, result of operations, or changes in net assets of Riverside Manor, Inc.
Title: HUD Insured Notes Payable
Accounting Policies: Reporting Entity
The reporting entity is fully described in Note 1 to Riverside Manor, Inc.’s basic financial statements. The Schedule includes all federal programs administered by Riverside manor, Inc. for the year ended June 30, 2025.
Basis of Presentation
The accompanying Schedule includes the federal award activity of the Riverside Manor, Inc. under programs of the federal government for the year ended June 30, 2025. The information in the Schedule is presented in accordance with the requirements of Title 2. U.S. Code of Federal Regulation 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 Authority, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Manor.
Federal Financial Assistance
Pursuant to the Single Audit Act and the Uniform Guidance, federal financial assistance is defined as assistance provided by a federal agency either directly or indirectly, in the form of grants, contracts, cooperative agreements, loans, loan guarantees, property, interest subsidies, insurance of direct appropriations. Accordingly, nonmonetary federal assistance, including federal surplus property, is included in federal financial assistance and, therefore, is reported on the Schedule, if applicable. Federal financial assistance does not include direct federal cash assistance to individuals. Solicited contracts between the Manor and the federal
government for which the federal government procures tangible goods or services are not considered to be federal financial assistance.
Major Programs
The Single Audit Act and the Uniform Guidance establish criteria to be used in defining major programs. Major programs for Riverside Manor, Inc. are those programs selected for testing by the auditor using a risk-assessment model, as well as certain minimum expenditure requirements, as outlined in the Uniform Guidance. Programs with similar requirements may be grouped into a cluster for testing purposes.
Basis of Accounting
Federal awards are reported for using the accrual basis of accounting. Revenues are recorded when earned, and expenses are recorded at the time liabilities are incurred.
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.
Insurance Coverage
For the fiscal year ended June 30, 2025, Riverside Manor, Inc. had insurance
coverage in effect comparable to other entities of similar size and circumstance.
De Minimis Rate Used: N
Rate Explanation: The Manor does not use the 10% de minimis indirect cost rate.
At June 30, 2025, the Manor had the following loans with the Walker & Dunlop-
Guaranteed by HUD:
Walker & Dunlop, LLC loan guaranteed by Department of HUD, this contract is dated 12/12/2014 requiring monthly installments of $5,397.89 for 35 years, including interest at 4.430%. The original contract amount is $1,151,100 and is secured by the projects' real property.