Notes to SEFA
Title: Note A – 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. Kelly Miller Smith Towers has elected not to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Costs are direct.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Kelly Miller Smith Towers Project No. 086-EH003-L7-NP-WAH and is prepared 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. HUD Section 223(F) Insured Loan represents the outstanding balance of the mortgage at May 1, 2022.
Title: Note B - Summary of Significant Accounting Policies
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. Kelly Miller Smith Towers has elected not to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Costs are direct.
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. Kelly Miller Smith Towers has elected not to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance.
Title: Note C - Loan Outstanding
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. Kelly Miller Smith Towers has elected not to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Costs are direct.
The balance outstanding on the mortgage insured by HUD under Section 223(F) at April 30, 2023 is $4,193,702.