Notes to SEFA
Title: Capital Advance Program
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: St. Timothy Park Apartments, Inc. had elected not to use the 10 percent de minimis cost rate as allowed by the Uniform Guidance.
St. Timothy Park Apartments, Inc. has received a U.S. Department of Housing and Urban Development capital advance under Section 202 of the National Housing Act. The capital advance balance outstanding at the beginning of the year is included in the Federal expenditures presented in the schedule. St. Timothy Park Apartments, Inc. received no additional advances during the year. The balance of the capital advance outstanding at June 30, 2023 consists of Section 202 Supportive Housing for the Elderly with a balance of $3,795,300.
Title: 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: St. Timothy Park Apartments, Inc. had elected not to use the 10 percent de minimis cost rate as allowed by the Uniform Guidance.
The accompanying schedule of expenditures of Federal awards (the “Schedule”) includes the Federal award activity of St. Timothy Park Apartments, Inc. under Programs of the Federal Government for the year ended June 30, 2023. 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 St. Timothy Park Apartments, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of St. Timothy Park Apartments, Inc.