Notes to SEFA
Title: Capital Advance and Loan Assistance
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. For loan programs, outstanding loan principal is recorded as an expenditure on the Schedule.
De Minimis Rate Used: N
Rate Explanation: The Corporation has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The Section 202 capital advance and HOME loan which were received in prior fiscal years are included on the Schedule at their outstanding balances as of October 1, 2022, as they include continuing compliance requirements from HUD. There were no additional proceeds received or payments made on these loans during fiscal year 2023. At September 30, 2023, the outstanding balances on the Section 202 capital advance and HOME loan were $3,553,250 and $748,562, respectively.
Title: Subrecipients
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. For loan programs, outstanding loan principal is recorded as an expenditure on the Schedule.
De Minimis Rate Used: N
Rate Explanation: The Corporation has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
There were no Federal awards passed through to subrecipients by Talbot Bernard Senior Housing Corporation during fiscal year 2023.