Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: NOTE A BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards includes the federal grant activity of ParksideAssisted Living, LLC, HUD Project Number 051-43217 (the Project), and is presented on the accrual basisof accounting. The information in this schedule is presented in accordance with the requirements of theUniform Guidance. Because the schedule presents only a selected portion of the operations of the Project, itis not intended to and does not present the financial position, changes in net assets, or cash flows of theProject.NOTE B SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the schedule are reported on the accrual basis of accounting. Such expendituresare recognized following the cost principles contained in OMB Circular A-122, Cost Principles for Not-for-Profit Organizations, wherein certain types of expenditures are not allowable or are limited as toreimbursement. NOTE C LOAN AND LOAN GUARANTEE PROGRAMSThe Uniform Guidance requires that federal expenditures for loan and loan guarantee balances be disclosedas of the beginning of the year. The Section 232 HUD insured mortgage is included in the loan guaranteeprograms. Principal payments made on the HUD insured mortgage for the year ended September 30, 2022were $212,046, resulting in an ending mortgage balance of $11,439,588.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
MORTGAGE INSURANCE_NURSING HOMES, INTERMEDIATE CARE FACILITIES, BOARD AND CARE HOMES AND ASSISTED LIVING FACILITIES (14.129) - Balances outstanding at the end of the audit period were 11439588.