Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Matthews Retirement Center, HUD Project No. 065-11071-NP, 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 (CFR) Part 200, Uniform Administrative Requirements, Cost Principals, and Audit Requirements for Federal Awards ( Uniform Guidance). Because the Schedule presents only a selected portion of the Project, it is not intended to and does not present the Project’s net financial position, change in net position, or cash flows. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
Expenditures report 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.
Matthews Retirement Center has elected not to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance.
The outstanding balance of loan and loan guarantee programs at May 31, 2025, with continuing compliance requirements which are reported as federal expenditures on the accompanying Schedule of Expenditures of Federal Awards was $1,543,790.