Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Basis of PresentationThis schedule includes the federal grant activity of Bassett Creek Senior Housing under programs of the federalgovernment for the year ended December 31, 2022. The information presented in this schedule is presentedin accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, UniformAdministrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the UniformGuidance). Because the schedule presents only a selected portion of the operations of Bassett Creek SeniorHousing, it is not intended to and does not present the financial position, changes in net assets, or cashflows of Bassett Creek Senior Housing.
De Minimis Rate Used: N
Rate Explanation: Summary of Significant Accounting Policies1) Expenditures reported on the Schedule are reported on the accrual basis of accounting, except for thecapital advance as discussed below.2) Bassett Creek Senior Housings federal award is not based on eligible costs incurred. Accordingly, BassettCreek Senior Housing has not made an election related to the use of the 10% de minimis indirect costrate described in the Uniform Guidance.
Capital AdvanceExpenditures reported as capital advance represent the December 31, 2021 balance of a capital advancefrom previous years for which the grantor imposes continuing compliance requirements. The balance ofthe capital advance outstanding as of December 31, 2022 was $3,296,900.