Notes to SEFA
Title: Basis of Presentation
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: The Home has elected not to use the de minimus indirect cost rate allowable under the Uniform Guidance.
The Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal award activity of Cabrini of Westchester (the “Home”) under programs of the federal government for the year ended December 31, 2024. 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 Home, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Home.
Title: Non-Cash Awards
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: The Home has elected not to use the de minimus indirect cost rate allowable under the Uniform Guidance.
The Home received a U.S. Department of Housing and Urban
Development/Federal Housing Authority loan under Section 232 of the National Housing Act. The Home received no additional loans during the year. The Home’s Schedule consists of an HUD/FHA insured loan which is classified as a Non-Cash
Award (“Non-Cash Award”). The basis used to determine Non-Cash Award is equal to the value of the beginning balance (January 1, 2024) of the HUD/FHA loan. The loan outstanding at December 31, 2024 was $35,065,538.