Title: NOTE 1 - BASIS OF PRESENTATION:
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal award activity of Teays Valley Manor, Inc., HUD Project No. 045-11051, 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 Teays Valley Manor, Inc., it is not intended to and does not, present the financial position, changes in net assets, or cash flows of Teays Valley Manor, Inc. 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. Teays Valley Manor, Inc. has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance. Teays Valley Manor, Inc. has received a mortgage loan that is insured by the U.S. Department of Housing and Urban Development under Section 207, pursuant to 223(f) of the National Housing Act. Upon satisfaction of the mortgage note, the mortgage insurance agreement shall automatically terminate.
De Minimis Rate Used: N
Rate Explanation: Teays Valley Manor, Inc. has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal award activity of Teays Valley Manor, Inc., HUD Project No. 045-11051, 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 Teays Valley Manor, Inc., it is not intended to and does not, present the financial position, changes in net assets, or cash flows of Teays Valley Manor, Inc.
Title: NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal award activity of Teays Valley Manor, Inc., HUD Project No. 045-11051, 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 Teays Valley Manor, Inc., it is not intended to and does not, present the financial position, changes in net assets, or cash flows of Teays Valley Manor, Inc. 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. Teays Valley Manor, Inc. has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance. Teays Valley Manor, Inc. has received a mortgage loan that is insured by the U.S. Department of Housing and Urban Development under Section 207, pursuant to 223(f) of the National Housing Act. Upon satisfaction of the mortgage note, the mortgage insurance agreement shall automatically terminate.
De Minimis Rate Used: N
Rate Explanation: Teays Valley Manor, Inc. has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
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. Teays Valley Manor, Inc. has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: NOTE 3 - MORTGAGE INSURANCE:
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal award activity of Teays Valley Manor, Inc., HUD Project No. 045-11051, 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 Teays Valley Manor, Inc., it is not intended to and does not, present the financial position, changes in net assets, or cash flows of Teays Valley Manor, Inc. 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. Teays Valley Manor, Inc. has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance. Teays Valley Manor, Inc. has received a mortgage loan that is insured by the U.S. Department of Housing and Urban Development under Section 207, pursuant to 223(f) of the National Housing Act. Upon satisfaction of the mortgage note, the mortgage insurance agreement shall automatically terminate.
De Minimis Rate Used: N
Rate Explanation: Teays Valley Manor, Inc. has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
Teays Valley Manor, Inc. has received a mortgage loan that is insured by the U.S. Department of Housing and Urban Development under Section 207, pursuant to 223(f) of the National Housing Act. Upon satisfaction of the mortgage note, the mortgage insurance agreement shall automatically terminate.