Notes to SEFA
Title: NOTE A - 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 Project has elected not to use the 10 percent deminis indirect cost rate as allowed under Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal award activity of Baptist Retirement Village, II HUD Project No. 062-EE080, and 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). Because the Schedule presents only a selected portion of the operations of Baptist Retirement Village, II, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Baptist Retirement Village, II.
Title: NOTE C – U.S. Department of Housing and Urban Development Loan Program
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 Project has elected not to use the 10 percent deminis indirect cost rate as allowed under Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the loan balance outstanding at the beginning of the year for the U.S. Department of Housing and Urban Development loan programs. No additional loans were received during the year. The balances outstanding as of June 30, 2025 are shown below:Assistance
Listing
Number Loan Program
Outstanding
Balance
.
14.157 SUPPORTIVE HOUSING FOR THE ELDERLY $ 4,630,900