Notes to SEFA
The accompanying schedule of expenditures of federal awards includes the federal grant activity of HUD Project No. 127‐11202 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 Garden Terrace Senior Living, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Garden Terrace Senior Living.
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. Garden Terrace Senior Living has elected not to use the 10‐percent de minimis indirect cost rate allowed under the Uniform Guidance.
Garden Terrace Senior Living has received a U.S. Department of Housing and Urban Development direct loan under Section 223(f) of the National Housing Act. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. Garden Terrace Senior Living received no additional loans during the year. The balance of the loan outstanding at March 31, 2024 consists of: Program Name Section 223(f) CFDA Number Outstanding Balance at March 31, 2024 14.155 $ 4,177,247
Beginning Ending Balance Activity Balance U.S. Department of Housing and Urban Development mortgage insurance for the purchase or refinancing of existing multifamily housing projects (section 223(f)) $ 4 ,273,507 $ (96,260) $ 4,177,247 Flexible subsidy program $ 137,192 $ 426 $ 137,618