Notes to SEFA
Title: Note C Section 223(f) Loan
Accounting Policies: Note A Basis of Presentation:The accompanying schedule of expenditures of federal awards includes the federal grant activity of Sharon Manor Homes, Inc. and is presented on the accrual basis of accounting. The information in this 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 for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Sharon Manor Homes, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Sharon Manor Homes, Inc. Note B Summary of Significant Accounting Policies:Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Sharon Manor Homes, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Sharon Manor Homes, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Section 223(f) Loan represents the outstanding balance as of the audit date. The loan balance outstanding at the beginning of the year of $1,423,106 is included in the federal expenditures presented in the Schedule. The balance of the loan outstanding at December 31, 2022 consists of:Assistance Listing Number: 14.155Program Name: Section 207/223(f) Outstanding Balance At December 31, 2022: $1,394,995