Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures arerecognized following the cost principles contained in OMB Circular A-122, "Cost Principles for Non-ProfitOrganizations" or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures arenot allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
SUPPORTIVE HOUSING FOR THE ELDERLY (14.157) - Balances outstanding at the end of the audit period were 4923400.
Title: Note 4: Section 202 Capital Advance
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures arerecognized following the cost principles contained in OMB Circular A-122, "Cost Principles for Non-ProfitOrganizations" or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures arenot allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Providence Manor Development Corporation's has received a direct loan under the Section 202 Capital Advanceprogram. The loan balance outstanding at the beginning of the year is included in the federal expenditurespresented in the Schedule. The balance of the loans outstanding as of December 31, 2022 is $4,923,400.
Title: Note 1: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures arerecognized following the cost principles contained in OMB Circular A-122, "Cost Principles for Non-ProfitOrganizations" or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures arenot allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity ofProvidence Manor Development Corporation under programs of the federal government for the year endedDecember 31, 2022. The information in this Schedule is presented in accordance with the requirements of Title 2U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and AuditRequirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion ofthe operations of Providence Manor Development Corporation, it is not intended to and does not present thefinancial position, changes in net assets or cash flows of Providence Manor Development Corporation.