Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported in 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 reimbursements.
De Minimis Rate Used: N
Rate Explanation: Crossroad Villas Apartments elected not to use the 10% de minimus indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Crossroad Villas Apartments, HUD Project No. 114-HD042, 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 (CFR) 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 Crossroad Villas Apartments, it is not intended to and does not present the financial position, changes in net assets or cash flows of Crossroad Villas Apartments.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported in 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 reimbursements.
De Minimis Rate Used: N
Rate Explanation: Crossroad Villas Apartments elected not to use the 10% de minimus indirect cost rate allowed under the Uniform Guidance.
Expenditures reported in 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 reimbursements.
Title: INDIRECT COST RATE
Accounting Policies: Expenditures reported in 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 reimbursements.
De Minimis Rate Used: N
Rate Explanation: Crossroad Villas Apartments elected not to use the 10% de minimus indirect cost rate allowed under the Uniform Guidance.
Crossroad Villas Apartments elected not to use the 10% de minimus indirect cost rate allowed under the Uniform Guidance.
Title: HUD CAPITAL ADVANCE
Accounting Policies: Expenditures reported in 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 reimbursements.
De Minimis Rate Used: N
Rate Explanation: Crossroad Villas Apartments elected not to use the 10% de minimus indirect cost rate allowed under the Uniform Guidance.
The Project has received a capital advance under section 811 of the National Housing Act. The capital advance balance at the beginning of the year is included in the federal expenditures presented in the schedule. The Project received no additional funds during the year. The capital advance is reported as net assets with donor restrictions in the statement of financial position.