Notes to SEFA
Title: Note C — U.S. Department of Housing and Urban Development Loan Program
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Tolland Senior Housing, Inc. 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). The schedule presents only a selected portion of the operations of Tolland Senior Housing, Inc. It is not intended to, and does not present, the financial position, changes in net assets or cash flows of Tolland Senior Housing, Inc.
De Minimis Rate Used: N
Rate Explanation: 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. Tolland Senior Housing, Inc. has elected not to use the 10 percent de minimis indirect cost rate
as allowed under the Uniform Guidance.
Tolland Senior Housing, Inc. has received a U.S. Department of Housing and Urban Development Section 202 Capital Advance loan. The loan balance outstanding at the beginning
of the year is included in the federal expenditures presented in the Schedule. Tolland Senior Housing, Inc. received no additional loans during the year. The balance of the loan outstanding
at December 31, 2022, consists of:
Program Name CFDA #
Section 202 Capital Advance 14.157 $ 3,413,000