Title: BASIS OF PRESENTATION
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal awards activity of Santa Maria del Mar Apartments, HUD Project No. 065-44-803SHM, under programs of the federal government for the year ended September 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 Santa Maria del Mar Apartments, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Santa Maria del Mar Apartments. 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. The accompanying schedule of expenditures of federal awards includes the federal awards activity of Villa Maria Apartments, HUD Project No. 065-44-801SHM, under programs of the federal government for the year ended September 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 Villa Maria Apartments, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Villa Maria Apartments. 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: N/A - Auditee does not have indirect costs.
The accompanying schedule of expenditures of federal awards includes the federal awards activity of Santa Maria del Mar Apartments, HUD Project No. 065-44-803SHM, under programs of the federal government for the year ended September 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 Santa Maria del Mar Apartments, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Santa Maria del Mar Apartments. The accompanying schedule of expenditures of federal awards includes the federal awards activity of Villa Maria Apartments, HUD Project No. 065-44-801SHM, under programs of the federal government for the year ended September 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 Villa Maria Apartments, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Villa Maria Apartments
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal awards activity of Santa Maria del Mar Apartments, HUD Project No. 065-44-803SHM, under programs of the federal government for the year ended September 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 Santa Maria del Mar Apartments, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Santa Maria del Mar Apartments. 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. The accompanying schedule of expenditures of federal awards includes the federal awards activity of Villa Maria Apartments, HUD Project No. 065-44-801SHM, under programs of the federal government for the year ended September 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 Villa Maria Apartments, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Villa Maria Apartments. 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: N/A - Auditee does not have indirect costs.
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. Santa Maria del Mar Apartments 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 principles contained in the Uniform Guidance wherein certain types of expenditures are not allowable or are limited as to reimbursement. Villa Maria Apartments has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.