Notes to SEFA
Title: NOTE A BASIS OF PRESENTATION
Accounting Policies: 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,
wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Auditee elected not to use the de minimis cost rate
The accompanying schedule of expenditures of federal awards includes the federal grant activity of
Ezra Towner, Sr. Estates, HUD Project No. 065-EH181-L8, and is presented on the accrual basis of
accounting. The information in this schedule is presented in accordance with 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). Therefore, some amounts
presented in this schedule may differ from amounts presented in, or used in the preparation of, the
basic financial statements. Because the Schedule presents only a selected portion of the operations
of Ezra Towner, Sr. Estates, it is not intended to and does not present the financial position, changes
in net assets, or cash flows of the Project.
Title: NOTE C U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOAN PROGRAM
Accounting Policies: 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,
wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Auditee elected not to use the de minimis cost rate
Ezra Towner, Sr. Estates has a U.S. Department of Housing and Urban Development direct loan
under Section 202 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. The balances of the loans
outstanding at April 30, 2023 consists of: Program Name: Section 207/223(f) Insured Loan. CFDA Number 14.155. Outstanding Balance at april 30, 2023: 1,785,128. Program Name: Section 202 Direct Loan. CFDA Number 14.157. Outstanding Balance at April 30, 2023: 1,902,573.