Notes to SEFA
Title: Other Assistance
Accounting Policies: The Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant activity of Murphy Senior Living, Inc. and is presented on the accrual basis of accounting. The information in this Schedule is presented in accordance with the requirements of Uniform Guidance. Because the Schedule presents only a selected portion of the operations of Murphy Senior Living, Inc., it is not intended to and does not present the financial position, changes in assets, or cash flows of Murphy Senior Living, Inc.
De Minimis Rate Used: Y
Rate Explanation: Murphy Senior Living, Inc. has elected not to use the 10% de minimis indirect cost rate allowed under Uniform Guidance.
The Organizations loan with Gershman Mortgage is insured under Section 223(f) (CFDA #14.134 Mortgage Insurance Rental Housing). The outstanding loan balance at 12/31/2022 and 12/31/2021 were $5,313,981 and $5,541,044, respectively.
Title: Summary of Significant Accounting Policies
Accounting Policies: The Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant activity of Murphy Senior Living, Inc. and is presented on the accrual basis of accounting. The information in this Schedule is presented in accordance with the requirements of Uniform Guidance. Because the Schedule presents only a selected portion of the operations of Murphy Senior Living, Inc., it is not intended to and does not present the financial position, changes in assets, or cash flows of Murphy Senior Living, Inc.
De Minimis Rate Used: Y
Rate Explanation: Murphy Senior Living, Inc. has elected not to use the 10% de minimis indirect cost rate allowed under Uniform Guidance.
Expenditures reflected in 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 either not allowable or limited as to reimbursement.