Title: NOTE A - BASIS OF PRESENTATION
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal award activity of Lincoln
Avenue Apartments, Inc., FHA Project No. 121-HD017-NP-WDD, and is presented on the accrual basis of
accounting. 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 Lincoln Avenue Apartments, Inc., it is not intended to and does not
present the financial position, changes in net assets, or cash flows of Lincoln Avenue Apartments, Inc.
De Minimis Rate Used: N
Rate Explanation: Lincoln Avenue Apartments, 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 includes the federal award activity of Lincoln
Avenue Apartments, Inc., FHA Project No. 121-HD017-NP-WDD, and is presented on the accrual basis of
accounting. 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 Lincoln Avenue Apartments, Inc., it is not intended to and does not
present the financial position, changes in net assets, or cash flows of Lincoln Avenue Apartments, Inc.
Title: NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal award activity of Lincoln
Avenue Apartments, Inc., FHA Project No. 121-HD017-NP-WDD, and is presented on the accrual basis of
accounting. 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 Lincoln Avenue Apartments, Inc., it is not intended to and does not
present the financial position, changes in net assets, or cash flows of Lincoln Avenue Apartments, Inc.
De Minimis Rate Used: N
Rate Explanation: Lincoln Avenue Apartments, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed
under the Uniform Guidance.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures
are recognized following the cost principals contained in the Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement.
Lincoln Avenue Apartments, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed
under the Uniform Guidance.
Title: NOTE C – LOAN PROGRAM BALANCES OUTSTANDING
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal award activity of Lincoln
Avenue Apartments, Inc., FHA Project No. 121-HD017-NP-WDD, and is presented on the accrual basis of
accounting. 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 Lincoln Avenue Apartments, Inc., it is not intended to and does not
present the financial position, changes in net assets, or cash flows of Lincoln Avenue Apartments, Inc.
De Minimis Rate Used: N
Rate Explanation: Lincoln Avenue Apartments, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed
under the Uniform Guidance.
Loan balances outstanding as of September 30, 2023 are as follows:
Supportive Housing for Persons with Disabilities Capital Advance Mortgage $951,900