Notes to SEFA
Title: U.S. Department of Housing and Urban Development (HUD) Loan Program
Accounting Policies: Basis of PresentationThe accompanying schedule of expenditures of federal awards (SEFA) includes the federal awards activity of theEcumenical Retirement Center, Inc. (the Organization), HUD Project No. 082-35487, and is presented on theaccrual basis of accounting. The information in this schedule is presented in accordance with the requirements ofTitle 2 U.S. Code of Federal Regulations Part 200, Uniform Administration Requirements, Cost Principles, andAudit Requirements for Federal Awards (Uniform Guidance). Because the SEFA presents only a selected portionof the operations of the Organization, it is not intended to and does not present the financial position, changes innet assets, or cash flows of the Organization.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Organization has received a loan that is guaranteed by HUD under Section 221(d)(4) of the National HousingAct, as amended. The amount advanced on the loan is included in the schedule of expenditure of federal awards.