Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures 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. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Pinewood Manor, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (Schedule) includes the federal awards activity of Pinewood Manor, Inc. under programs of the federal government for the year ended December31, 2022. The information in the 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 Pinewood Manor, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Pinewood Manor, Inc.
Title: Loans Outstanding
Accounting Policies: Expenditures 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. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Pinewood Manor, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The federal expenditure for Mortgage Insurance Rental Housing represents the loan balance as of the beginning of the audit period. The loan balance at December 31, 2022 was $3,467,337.