Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying schedule of expenditures of federal awards ("Schedule") includes the federal award activity of The Cedars Elderly Home, Inc. under programs of the federal government for the year ended December 31, 2022. 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 The Cedars Elderly Home, Inc, it is not intended to and does not present the financial position, changes in net assets, or cash flows of The Cedars Elderly Home, Inc. For the year ended December 31, 2022, no awards were passed through to subrecipients.Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, the cost principles in OMB Circular A-122, "Cost Principles for Non-Profit Organizations" and the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Cedars Elderly Home, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Cedars Elderly Home, Inc. has received a U.S. Department of Housing and Urban Development direct loan under Section 811 of the National Affordable Housing Act. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. The Cedars Elderly Home, Inc. received no additional loans during the year. The balance of the loan outstanding at December 31, 2022 consists of: Section 811 Capital Advance (14.181) $3,748,200