Notes to SEFA
The accompanying schedule of expenditures of federal awards includes the federal award activity of Teays Valley Manor, Inc., HUD Project No. 045-11051, 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 Adminstrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the schedule presents only a selected portion of the operations of Teays Valley Manor, Inc., it is not intended to and does not, present the financial position, changes in net assets, or cash flos of Teays Valley Manor, Inc.
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, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Teays Valley Manor, Inc. has elected not to use the 10 percent de minimis indirect cost rate allowed under Uniform Guidance.
Teays Valley Manor, Inc. has received a mortgage loan that is insured by the U.S. Department of Housing and Urban Development under Section 207, pursuant to 223(f) of the National Housing Act. Upon satisfaction of the mortgage nte, the mortgage insurance agreement shall automatically terminate. The outstanding balance of the mortgage loan insured by HUD at March 31, 2026 was $1,236,261.