Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: 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, 2022. 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. 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.
De Minimis Rate Used: N
Rate Explanation: The Manor has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Federal expenditures for the HOME Investment Partnership Program and Housing Trust Fund include $1,024,277 of new loans made or received during the year. The balance of the loans outstanding as of December 31, 2022 is a follows:Home Investment Partnership Program (14.239): $976,329; Housing Trust Fund (14.275): $418,500; Total $1,394,552 less funds not expended ($370,552) = $1,024,277