Notes to SEFA
Title: Contingencies
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures arerecognized following the cost principles contained in the Uniform Guidance, wherein certain types of expendituresare not allowable or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: MM of M has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
MM of Ms federal program is subject to financial and compliance audits by grantor agencies which, if instances ofmaterial noncompliance are found, may result in disallowed expenditures and affect its continued participation inspecific programs. The amount, if any, of expenditures, which may be disallowed by the grantor agencies, cannotbe determined at this time. However, MM of M expects such amounts, if any, to be immaterial.
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures arerecognized following the cost principles contained in the Uniform Guidance, wherein certain types of expendituresare not allowable or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: MM of M has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the schedule) includes the federal awards activityof Magnolia Manor of Macon (MM of M) under programs of the federal government for the year ended June 30,2022. The information in the schedule is presented in accordance with the requirements of Title 2 U.S. Code ofFederal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements forFederal Awards (Uniform Guidance). Because the schedule presents only a selected portion of the operations ofMM of M, it is not intended to and does not present the financial position, changes in net assets or cash flows ofMM of M.
Title: Rental Assistance
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures arerecognized following the cost principles contained in the Uniform Guidance, wherein certain types of expendituresare not allowable or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: MM of M has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Awards under Section 8 Housing Assistance Payments include rental assistance. Federal expenditures reported inthe accompanying schedule include tenant assistance payments received during the year ended June 30, 2022.
Title: Subrecipient Payments
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures arerecognized following the cost principles contained in the Uniform Guidance, wherein certain types of expendituresare not allowable or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: MM of M has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
None of the expenditures reported on the schedule were passed through to subrecipients.