Notes to SEFA
Title: Basis of Presentation
Accounting Policies: 1) Expenditures reported on the Schedule are reported on the accrual basis of accounting, except for the mortgage insurance as discussed below.
2) Glen Lake Senior Housing, LLC’s federal award is not based on eligible costs incurred. Accordingly, Glen Lake Senior Housing, LLC has not made an election related to the use of the 10% de minimis cost rate described in the Uniform Guidance.
Federal expenditures for the mortgage insurance program represent the June 30, 2022 balance of an insured mortgage loan outstanding from a previous year for which the grantor imposes continuing compliance requirements. The balance of the loan outstanding as of June 30, 2023 is $21,162,167.
De Minimis Rate Used: N
Rate Explanation: Glen Lake Senior Housing, LLC’s federal award is not based on eligible costs incurred. Accordingly, Glen Lake Senior Housing, LLC has not made an election related to the use of the 10% de minimis cost rate described in the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Glen Lake Senior Housing, LLC under programs of the federal government for the year ended June 30, 2023. 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 Glen Lake Senior Housing, LLC, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Glen Lake Senior Housing, LLC.