Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: 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.
De Minimis Rate Used: N
Rate Explanation: The Uniform Guidance requires that all indirect costs be charged through the use of an approved indirect cost rate. When no indirect cost rate has been approved, the Uniform Guidance allows for a one-time election to use a 10% de minimis reimbursement rate. The Project has not charged any indirect costs to its federal programs since the Uniform Guidance became applicable, and has yet to determine if it will elect the 10% de minimis reimbursement rate.
SUPPORTIVE HOUSING FOR THE ELDERLY (14.157) - Balances outstanding at the end of the audit period were 2093000.
Title: NOTE A - BASIS OF PRESENTATION
Accounting Policies: 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.
De Minimis Rate Used: N
Rate Explanation: The Uniform Guidance requires that all indirect costs be charged through the use of an approved indirect cost rate. When no indirect cost rate has been approved, the Uniform Guidance allows for a one-time election to use a 10% de minimis reimbursement rate. The Project has not charged any indirect costs to its federal programs since the Uniform Guidance became applicable, and has yet to determine if it will elect the 10% de minimis reimbursement rate.
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Bellflower Oak Street Manor, HUD Project No. 122-EE105, under programs of the federal government for the year ended September 30, 2021. 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). Because the Schedule presents only the selected portion of the operations of Bellflower Oak Street Manor, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Bellflower Oak Street Manor.
Title: NOTE D - NET ASSETS WITH DONOR RESTRICTIONS
Accounting Policies: 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.
De Minimis Rate Used: N
Rate Explanation: The Uniform Guidance requires that all indirect costs be charged through the use of an approved indirect cost rate. When no indirect cost rate has been approved, the Uniform Guidance allows for a one-time election to use a 10% de minimis reimbursement rate. The Project has not charged any indirect costs to its federal programs since the Uniform Guidance became applicable, and has yet to determine if it will elect the 10% de minimis reimbursement rate.
The Project has received a U.S. Department of Housing and Urban Development direct loan under Section 202 of the National Housing Act. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule.