Notes to SEFA
Title: NOTE C. U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOAN PROGRAM
Accounting Policies: NOTE B. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures 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.Berrywood Terrace has elected not to use the 10 percent de minimis indirect cost rate as allowedunder the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Berrywood Terrace has received a U.S. Department of Housing and Urban Development insuredloan under Section 207 pursuant to 223(f) of the National Housing Act. The loan balanceoutstanding at the beginning of the year is included in the federal expenditures presented in theschedule. Berrywood Terrace received no additional loans during the year. The balance of the loanoutstanding at June 30, 2022 consists of:OutstandingAssistance Balance atLiving Number Program Name June 30, 202214.134 Section 207 Pursuant to 223(f) Loan $ 1,320,273
Title: NOTE A. BASIS OF PRESENTATION
Accounting Policies: NOTE B. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures 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.Berrywood Terrace has elected not to use the 10 percent de minimis indirect cost rate as allowedunder the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards includes the federal award activity ofBerrywood Terrace and is presented on the accrual basis of accounting. The information in thisschedule is presented in accordance with the requirements of Title 2 U.S. Code of FederalRegulations Part 200, Uniform Administrative Requirements, Cost Principles, and AuditRequirements for Federal Awards (Uniform Guidance). Because the Schedule presents only aselected portion of the operations of Berrywood Terrace, it is not intended to and does not presentthe financial position, changes in net assets (deficit), or cash flows of Berrywood Terrace.