Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Providence Manor Development Corporation 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 Providence Manor Development Corporation, it is not intended to and does not present the financial position, changes in net assets or cash flows of Providence Manor Development Corporation.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in OMB Circular A-122, "Cost Principles for Non-Profit Organizations" or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Providence Manor Development Corporation has elected not to use the 10% de minimus indirect cost rate allowed under Uniform Guidance.
Providence Manor Development Corporation's has received a direct loan under the Section 202 Capital Advance program. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. The balance of the loans outstanding as of December 31, 2024 is $4,923,400.