Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Basis of PresentationThis schedule includes the federal grant activity of Delano Commons Senior Housing under programs of thefederal government for the year ended December 31, 2022. The information presented in this schedule ispresented 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 (theUniform Guidance). Because the schedule presents only a selected portion of the operations of DelanoCommons Senior Housing, it is not intended to and does not present the financial position, changes in netassets, or cash flows of Delano Commons Senior Housing.
De Minimis Rate Used: N
Rate Explanation: Summary of Significant Accounting PoliciesExpenditures are reported on the accrual basis of accounting except for the capital advance as discussedbelow.Delano Commons Senior Housings federal award is not based on eligible costs incurred. Accordingly,management has not made an election related to the use of the 10% de minimis indirect cost ratedescribed in the Uniform Guidance.
Capital AdvanceExpenditures reported as capital advance represent the December 31, 2021 balance of a capital advancereceived in previous years for which the grantor imposes continuing compliance requirements. The balanceof the advance as of December 31, 2022 is $2,894,400.