Notes to SEFA
Title: Federal Loan Programs
Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of Isabella under programs of the federal government for the year ended December 31, 2022. 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 Isabella, it is not intended to and does not present the financial position, changes in net assets or cash flows of Isabella.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The federal loan program listed subsequently is administered directly by Isabella, and balances and transactions relating to the program are included in Isabellas basic financial statements. Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule. The balance of loans outstanding at December 31, 2022 consists of: Assistance Listing Number 14.129 Program Name Mortgage Insurance - Nursing Homes, Intermediate Care Facilities, Board and Care Homes and Assisted Living Facilities Outstanding Balance at December 31, 2022 $14,846,870
Title: Summary of Significant Accounting Policies
Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of Isabella under programs of the federal government for the year ended December 31, 2022. 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 Isabella, it is not intended to and does not present the financial position, changes in net assets or cash flows of Isabella.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following 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, if any, represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
Title: FEMA Funding
Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of Isabella under programs of the federal government for the year ended December 31, 2022. 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 Isabella, it is not intended to and does not present the financial position, changes in net assets or cash flows of Isabella.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Non-federal entities must record expenditures for Federal Emergency Management Agency (FEMA) projects on the Schedule when 1) FEMA has approved the non-federal entitys project worksheet and, 2) the non-federal entity has incurred the eligible expenditures. The 2022 expenditures for Federal Assistance Listing Number 97.036 include $9,186,896 of expenditures that were incurred by Isabella prior to 2022, while the project worksheet was approved in 2022.