Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: For purposes of the schedule of expenditures of federal awards, federal awards include all grants, contracts, loans, andloan guarantee agreements entered into directly between the Corporation and agencies and departments of the federalgovernment. For the year ended December 31, 2022, the Corporation had no expenditures in the form of noncashassistance other than the loan guarantee in the amount of $4,422,794 and had no sub recipients. The accompanyingschedule of expenditures of federal awards is prepared on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
MORTGAGE INSURANCE_RENTAL HOUSING (14.134) - Balances outstanding at the end of the audit period were 4327265.
Title: SCOPE OF AUDIT PURSUANT TO UNIFORM GUIDANCE
Accounting Policies: For purposes of the schedule of expenditures of federal awards, federal awards include all grants, contracts, loans, andloan guarantee agreements entered into directly between the Corporation and agencies and departments of the federalgovernment. For the year ended December 31, 2022, the Corporation had no expenditures in the form of noncashassistance other than the loan guarantee in the amount of $4,422,794 and had no sub recipients. The accompanyingschedule of expenditures of federal awards is prepared on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
All federal grant activities of GLENVIEW ELDERLY HOUSING, INC. are included in the scope of the UniformGuidance audit.Under Government Auditing Standards and U.S. Department of Housing and Urban Development (HUD)s Regulations,the Corporations Section 207 loan guarantee, Multifamily House Service Coordinators and its Housing AssistancePayment Contract (Section 8) are all considered major programs.
Title: OTHER UNIFORM GUIDANCE AUDITS
Accounting Policies: For purposes of the schedule of expenditures of federal awards, federal awards include all grants, contracts, loans, andloan guarantee agreements entered into directly between the Corporation and agencies and departments of the federalgovernment. For the year ended December 31, 2022, the Corporation had no expenditures in the form of noncashassistance other than the loan guarantee in the amount of $4,422,794 and had no sub recipients. The accompanyingschedule of expenditures of federal awards is prepared on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Embrace Living Development has other affiliates that have expended more than $750,000 in federal awards, which haveseparate Uniform Guidance audits, which are not included in the accompanying schedule of expenditures of federalawards.