Notes to SEFA
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 Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Spring City Elderly Housing Corporation has elected not to use 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Spring City Elderly Housing Corporation, HUD Project No. 034-EE057, 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 Spring City Elderly Housing Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Spring City Elderly Housing Corporation.
Title: U.S. DEPT. OF HOUSING AND URBAN DEVELOPMENT LOAN 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 Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Spring City Elderly Housing Corporation has elected not to use 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Spring City Elderly Housing Corporation, HUD Project No. 034-EE057, received a U.S. Department of Housing and Urban Development capital advance under Section 202 of the National Housing Act. The capital advance outstanding at the end of the fiscal year is included in the federal expenditures presented in the Schedule above. Spring City Elderly Housing Corporation, HUD Project No. 034-EE057, received no additional advances during the year. At September 30, 2023, the capital advance balance outstanding was $4,409,700.