Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: NOTE A BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity ofSacred Heart Retirement Community, Inc. (SHRC), HUD Project #017-11162, under programs of the federalgovernment for the year ended December 31, 2022. The information in this Schedule is presented in accordancewith the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administration Requirements,Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presentsonly a selected portion of the operations of the SHRC, it is not intended to and does not present the financialposition, change in net positions, or cash flows of the SHRC.NOTE B SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(1) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures arerecognized following the cost principles contained in the Uniform Guidance, wherein certain types ofexpenditures are not allowable or are limited as to reimbursement.(2) SHRC did not use the 10 percent de minimis indirect rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
MORTGAGE INSURANCE FOR THE PURCHASE OR REFINANCING OF EXISTING MULTIFAMILY HOUSING PROJECTS (14.155) - Balances outstanding at the end of the audit period were 1919082.