Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of MathisonRetirement Community, Inc. and is presented on the accrual basis. The information in this schedule is presented inaccordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, UniformAdministrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in thepreparation of the financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
MORTGAGE INSURANCE_NURSING HOMES, INTERMEDIATE CARE FACILITIES, BOARD AND CARE HOMES AND ASSISTED LIVING FACILITIES (14.129) - Balances outstanding at the end of the audit period were 6759834.
Title: Summary of Significant Accounting Policies
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of MathisonRetirement Community, Inc. and is presented on the accrual basis. The information in this schedule is presented inaccordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, UniformAdministrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in thepreparation of the financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
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.
Title: Section 232 Insured Loan
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of MathisonRetirement Community, Inc. and is presented on the accrual basis. The information in this schedule is presented inaccordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, UniformAdministrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in thepreparation of the financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Mathison Retirement Community, Inc.'s Section 232 Insured Loan was determined to be a Type A Federal Financial Assistance Program based on the total amounts as of and for the year ended June 30, 2022, and was considered a major program under the criteria of Uniform Guidance. The loan balance as of June 30, 2022, was $6,759,834.