Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in OMB Circular A-122,Cost Principles for Non-profit Organizations, wherein certain types of expenditures are notallowable or are limited as to reimbursement.Lewis-Toran Retirement Community, Inc. has elected not to use the 10 percent de minimusindirect cost rate as allowed under the Uniform Guidance.
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 873900.
Title: NOTE 1 - BASIS OF PRESENTATION
Accounting Policies: NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in OMB Circular A-122,Cost Principles for Non-profit Organizations, wherein certain types of expenditures are notallowable or are limited as to reimbursement.Lewis-Toran Retirement Community, Inc. has elected not to use the 10 percent de minimusindirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule) includes thefederal grant activity of Lewis-Toran Retirement Community, Inc., HUD Project No. 114-EE048, and is presented on the accrual basis of accounting. The information in the Scheduleis presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations(CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and AuditRequirements for Federal Awards (Uniform Guidance). Because the Schedule presents onlya selected portion of the operations of Lewis-Toran Retirement Community, Inc., it is notintended to and does not present the financial position, changes in net assets, or cash flows ofLewis-Toran Retirement Community, Inc.
Title: NOTE 3 - MORTGAGE NOTE PAYABLE
Accounting Policies: NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in OMB Circular A-122,Cost Principles for Non-profit Organizations, wherein certain types of expenditures are notallowable or are limited as to reimbursement.Lewis-Toran Retirement Community, Inc. has elected not to use the 10 percent de minimusindirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The outstanding balance of the loan and loan guarantee program at June 30, 2022 withcontinuing compliance requirements which are reported as federal expenditures on theaccompanying schedule of expenditures of federal awards was $873,900.