Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of Silver Sage Manor, Inc. and consolidated subsidiaries and affiliates (the Manor) under programs of the federal government for the year ended December 31, 2023. This schedule excludes the consolidated investments that are not wholly owned by the Manor consisting of Neil Road Senior Apartments, LLC, Silver Sage Senior Residence, LLC, and 4th & Lincoln Seniors, LLC. 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 (the Uniform Guidance). Because the schedule presents only a selected portion of the operations of the Manor, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Manor.
Federal expenditures for the HOME Investment Partnership Program and Housing Trust Fund include $369,973 of new loans expended or received during the year plus the balance at the beginning of the year of loans outstanding from previous years for which the grantor imposes continuing compliance requirements. The balance of the loans outstanding as of December 31, 2023 is a follows: Program Title, Assistance Listing Number, Outstanding Balance HOME Investment Partnership Program, 14.239, $1,220,750 Housing Trust Fund, 14.275, $418,500 1,639,250 Funds expended, but not advanced as of December 31, 2023, Federal funds expended in 2023 $ 1,664,250