Notes to SEFA
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal grant activity of Saint Elizabeth Manor, Inc., FHA Project Number: 017-EH120 under programs of the federal government for the period ended February 12, 2025. 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 Saint Elizabeth Manor, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Saint Elizabeth Manor, Inc. For the period ended July 1, 2024 through February 12, 2025 (Date before Project Sale), no awards were passed through to subrecipients.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, the cost principles contained in OMB Circular A-122, Cost Principles for Non-Profit Organizations, and/or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Saint Elizabeth Manor, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Saint Elizabeth Manor, Inc. has received mortgage insurance from the U.S. Department of Housing and Urban Development under Section 207 pursuant to Section 223(f) of the National Housing Act. The mortgage balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. Saint Elizabeth Manor, Inc. received no additional proceeds during the year. The balance of the outstanding loan insured by HUD at February 12, 2025 (Date before Project Sale) consists of: Federal Assistance Listing Number: 14.134 Program Name: Mortgage Insurance - Rental Housing for the Elderly Outstanding Balance at February 12, 2025: $3,866,918