Notes to SEFA
Basis of presentation- The accompanying Schedule of Expenditures of Federal Awards (the "Schedule") includes the federal loan activity of Randolph Home under programs of the federal government for the year ended June 30, 2025. 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 Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Randolph Home, it is not intended to and does not present the financial position or changes in financial position of Randolph Home.
Summary of Significant Account Policy - 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.
Randolph Home has elected to not use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The beginning balance for federal loans as of July 1, 2024 was $13,420,924. Payments made on federal loans throughout the year totaled $521,050. The outstanding balance for federal loans as of June 30, 2025 is $12,899,874.