Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Basis of Presentation The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Largo Landing Elderly Developments, Inc. (the Corporation) and is prepared using the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles in Office of Management and Budget Circular A-122, Cost Principles for Non-Profit Organizations, or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Indirect Costs The Corporation has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Loan Programs The Corporation has an outstanding loan balance of $3,759,363 at June 30, 2022 with continuing compliance requirements.
Title: Relationship to Basic Financial Statements
Accounting Policies: Basis of Presentation The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Largo Landing Elderly Developments, Inc. (the Corporation) and is prepared using the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles in Office of Management and Budget Circular A-122, Cost Principles for Non-Profit Organizations, or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Indirect Costs The Corporation has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Relationship to Basic Financial Statements The information in the 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 of Federal Awards (Uniform Guidance). Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.