Notes to SEFA
Note A - Basis Of Presentation An accompanying schedule of expenditures of federal awards includes the federal award activity of Gethsemane Manor Housing Development Fund Company, Inc., Project No. 014-EH257, and is presented on the accrual basis of accounting. 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 Gethsemane Manor Housing Development Fund Company, Inc., it is not intended to and does not present the financial position, change in net deficit, or cash flows of Gethsemane Manor Housing Development Fund Company, Inc.
Note B - Summary of Significant Accounting Policies 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, where in certain types of expenditures are not allowable or are limited as to reimbursement. Gethsemane Manor Housing Development Fund Company, Inc. has elected not to use the 15-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Note C - U.S Department of Housing and Urban Development Loan Program Gethsemane Manor Housing Development Fund Company, Inc. has received a U.S. Department of Housing and Urban Development direct loan under Section 207/223F of the National Housing Act. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. Gethsemane Manor Housing Development Fund Company, Inc. received no additional loans during the year. The balance of the loan outstanding at December 31, 2025 consists of the following: ALN: 14.157; Program Name: Section 202, Supportive Housing for the Elderly; Outstanding Balance at December 31, 2025: $2,47,600.