Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: 1. Basis of Presentation - The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of The Presbyterian Home at Atlantic Highlands, Inc. (the Organization) 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). Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in the preparation of, the 2022 basic financial statements.2. Summary of Accounting Policies Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles in Office of Management and Budget Circular A-122, Cost Principles for Non-Profit Organizations, or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
SUPPORTIVE HOUSING FOR THE ELDERLY (14.157) - Balances outstanding at the end of the audit period were 5274727.
Title: U.S Department of Housing and Urban Development (HUD) Capital Advance
Accounting Policies: 1. Basis of Presentation - The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of The Presbyterian Home at Atlantic Highlands, Inc. (the Organization) 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). Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in the preparation of, the 2022 basic financial statements.2. Summary of Accounting Policies Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles in Office of Management and Budget Circular A-122, Cost Principles for Non-Profit Organizations, or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Organization has received a HUD Capital Advance under Section 202 of the National HousingAct (Capital Advances). All Capital Advances made to the Organization are included in the federalexpenditures presented in the Schedule. The Capital Advances balance at the beginning of the year isincluded in the federal expenditures presented in the Schedule. This is also the balance at December 31,2022. The Organization received no additional Capital Advances during the year ended December 31,2022. The Organization received $506,176 in project rental assistance payments under a Project RentalAssistance Contract under the same Assistance Listing Number (14.157), which is separately presentedon the Schedule. The Corporation also received $7,775 in COVID-19 supplemental payments under aProject Rental Assistance Contract under the same Assistance Listing Number (14.157), which isseparately presented on the Schedule.