Notes to SEFA
Title: Note 3 - HUD Capital Advance
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the
federal award activity of Titusville Senior Housing Corporation dba: Von Bora Place (the
Corporation) 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
2 CFR 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 Corporation, it is not intended to and does not
present the financial position, changes in net assets, or cash flows of the Corporation. Expenditures reported on the Schedule are reported on the accrual basis of accounting.
Such expenditures are recognized following, as applicable, either the cost principles in
OMB Circular A-122, Cost Principles for Non-Profit Organizations, or the cost principles
contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative
Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain
types of expenditures are not allowable or are limited as to reimbursement. Negative
amounts shown on the Schedule represent adjustments or credits made in the normal
course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The Corporation has not elected to use the 10-percent de minimis indirect cost rate as
allowed under the Uniform Guidance.
The balance of the HUD capital advance outstanding at the beginning of the year is included
in the federal expenditures presented in the Schedule. There were no additional HUD loans
during the year. The Corporation has an outstanding loan balance of $1,743,668 with
continuing compliance requirements.