Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Basis of PresentationThis schedule includes the federal grant activity of Greenvale Place of Northfield, Inc. under programs of thefederal government for the year ended December 31, 2022. The information in this schedule is presented inaccordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform AdministrativeRequirements, Cost Principles, and Audit Requirements for Federal Awards (the Uniform Guidance). Becausethe Schedule presents only a selected portion of the operations of Greenvale Place of Northfield, Inc., it is notintended to and does not present the financial position, changes in net assets, or cash flows of Greenvale Placeof Northfield, Inc.
De Minimis Rate Used: N
Rate Explanation: Summary of Significant Accounting PoliciesExpenditures reported on the Schedule are reported on the accrual basis of accounting, except for the loanbalances as discussed below. Such expenditures are recognized following the cost principles contained inthe Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as toreimbursement.Greenvale Place of Northfield, Inc.s federal awards are not based on eligible costs incurred. Accordingly,Greenvale Place of Northfield, Inc. has not made an election related to the use of the 10% de minimisindirect cost rate described in the Uniform Guidance.
Mortgage LoansFederal expenditures for the Mortgage Insurance Rental Housing program represent the December 31, 2021 balances of loans outstanding from previous years for which HUD imposes continuing compliance requirements. The balances of the Mortgage Insurance Rental Housing loans as of December 31, 2022 are $487,749 and $744,982.