Notes to SEFA
The accompanying schedule of expenditures of federal awards includes the federal award activity of Chestnut Manor, Inc., HUD Project No. 045-HD032, 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 Chestnut Manor, Inc., it is not intended to and does not, present the financial position, changes in net assets, or cash flows of Chestnut Manor, Inc.
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. Chestnut Manor, Inc. has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
Chestnut Manor, Inc. has received a U.S. Department of Housing and Urban Development capital advance under Section 811 of the National Housing Act. The capital advance balance outstanding at the beginning of the year is included in the federal expenditures presented in the schedule. Chestnut Manor, Inc. received no additional advances during the year. The balance of the capital advances at December 31, 2024 was $1,303,100.