Notes to SEFA
Title: Note 3 - HUD Capital Advance:
Accounting Policies: 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.
De Minimis Rate Used: N
Rate Explanation: RL Edwards Manor has a single program. All costs are directly allocated.
The Project was awarded a capital advance from HUD for the construction of the rental property. It is administered directly by RL Edwards Manor, and the balance and transactions relating to this program are included in RL Edwards Manor's basic financial statements. The loan outstanding at the beginning of the year is included in the federal expenditures presented in the schedule. The balance of the loan outstanding at the end of the year was not different as no re-payments are required.
Title: Note 1 - Basis of Presentation:
Accounting Policies: 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.
De Minimis Rate Used: N
Rate Explanation: RL Edwards Manor has a single program. All costs are directly allocated.
The accompanying Schedule of Expenditures of Federal Awards (the "Schedule") includes the federal award activity of RL Edwards Manor 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 RL Edwards Manor, it is not intended to and does not present the financial position, change in net assets, or cash flows of RL Edwards Manor.