Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Basis of PresentationThis schedule includes the federal grant activity of Garden Terrace Commons Senior Housing under programsof the federal government for the year ended December 31, 2022. The information presented in this scheduleis 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 (theUniform Guidance). Because the schedule presents only a selected portion of the operations of GardenTerrace Commons Senior Housing, it is not intended to and does not present the financial position, changesin net assets, or cash flows of Garden Terrace Commons Senior Housing.
De Minimis Rate Used: N
Rate Explanation: Summary of Significant Accounting PoliciesThe expenditures reported on this schedule are reported on the accrual basis of accounting except for thecapital advance as discussed below.Garden Terrace Commons Senior Housings federal award is not based on eligible costs incurred.Accordingly, the Corporation has not made an election related to the use of the 10% de minimis indirectcost rate described in the Uniform Guidance.
Capital AdvanceExpenditures reported as capital advance represent the December 31, 2021 balance of a capital advancereceived in previous years for which the grantor imposes continuing compliance requirements. The balanceof the capital advance outstanding as of December 31, 2022 was $2,985,000.