Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Note 1.Basis of PresentationThe accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of September Place Retirement Village, Inc. and Affiliates under programs of the federal government for the year ended March 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 the Organizations, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Organizations.Note 2.Summary of Significant Accounting PoliciesExpenditures 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. The Organizations have elected to use the 10 percent de minimis indirect cost rate as allowed under Uniform Guidance.Note 3.Subrecipients The Organizations provided no federal funding to subrecipients for the year ended March 31, 2022.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The federal loan programs listed subsequently are included in September Place Retirement Village, Inc. and Affiliates basic consolidated 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 March 31, 2022 consists of: 14.155 Section 223(f) Mortgage Insurance for Existing Multifamily Projects of$1,356,837 and 10.415 Section 515 Rural Rental Housing Loan of $317,440.