Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: NOTES TO THE SCHEDULE OF EXPENDITURES OF FEDERAL AWARDSNOTE A: BASIS OF PRESENTATIONThe accompanying schedule of expenditures of Federal awards includes the Federal award activity of Jarvis Gardens Senior Apartments, Inc., under programs of the federal government for the year ended June 30, 2022 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). Because the schedule presents only selected portion of the operations of Jarvis Gardens Senior Apartments, Inc. it is not intended to and does not present the financial position, changes in net assets, or cash flows of Jarvis Gardens Senior Apartments, Inc. NOTE B: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the schedule are 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 allowed or are limited to reimbursements. Jarvis Gardens Senior Apartments, Inc has elected not to use the 10 percent de minimis indirect cost rate allowed under Uniform Guidance.NOTE C: FEDERAL LOAN PROGRAMSThe federal loan programs listed subsequently are administered directly by Jarvis Gardens Senior Apartments, Inc. and balances and transactions relating to the programs are included in Jarvis Gardens Senior Apartments, Inc.s basic financial statements. Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule. The balance of loans outstanding as of June 30, 2022 consists of:CFDA Number Program Name Outstanding balance at June 30, 202214.157 Supportive Housing for the Elderly(202) $5,728,000
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
SUPPORTIVE HOUSING FOR THE ELDERLY (14.157) - Balances outstanding at the end of the audit period were 5728000.