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 to reimbursement.
De Minimis Rate Used: N
Rate Explanation: MM of M has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the “schedule”) includes the federal awards activity
of Magnolia Manor of Macon (“MM of M”) under programs of the federal government for the year ended June 30,
2023. The information in the 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
MM of M, it is not intended to and does not present the financial position, changes in net assets or cash flows of
MM of M.
Title: Contingencies
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 to reimbursement.
De Minimis Rate Used: N
Rate Explanation: MM of M has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
MM of M’s federal program is subject to financial and compliance audits by grantor agencies which, if instances of
material noncompliance are found, may result in disallowed expenditures and affect its continued participation in
specific programs. The amount, if any, of expenditures, which may be disallowed by the grantor agencies, cannot
be determined at this time. However, MM of M expects such amounts, if any, to be immaterial.
Title: Rental Assistance
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 to reimbursement.
De Minimis Rate Used: N
Rate Explanation: MM of M has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Awards under Section 8 Housing Assistance Payments include rental assistance. Federal expenditures reported in
the accompanying schedule include tenant assistance payments received during the year ended June 30, 2023.
Title: Subrecipient Payments
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 to reimbursement.
De Minimis Rate Used: N
Rate Explanation: MM of M has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
None of the expenditures reported on the schedule were passed through to subrecipients.