Notes to SEFA
Title: Note C: Mortgage Notes Payable
Accounting Policies: The above schedule of expenditures of federal awards includes the federal grant activity of Parkway Elderly Housing Development Fund Co., Inc. 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: Parkway Elderly Housing Development Fund Co., Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The balance outstanding on the mortgage notes payable at September 30, 2023 amounted to $506,408.