Notes to SEFA
Title: Note - Basis of Presentation
Accounting Policies: Note B - Summary of significant accounting policiesExpenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following, as applicable, the cost principles contained in the UniformGuidance. William Booth Garden Apartments has elected not to use the 10-percent de minimisindirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards includes the federal award activity of William Booth Garden Apartments, HUD Project No. 053-EE107, under programs of the federal government for the year ended September 30, 2022. 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 William Booth Garden Apartments, it is not intended to and does not present the financial position,changes in net assets, or cash flows of William Booth Garden Apartments.
Title: Note C - U.S. Department of Housing and Urban Development capital advance p
Accounting Policies: Note B - Summary of significant accounting policiesExpenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following, as applicable, the cost principles contained in the UniformGuidance. William Booth Garden Apartments has elected not to use the 10-percent de minimisindirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
William Booth Garden Apartments has received a U.S. Department of Housing and UrbanDevelopment direct capital advance under Section 202 of the National Housing Act. The capital advance balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. William Booth Garden Apartments received no additional loans or capital advances during the year. The balance of the capital advance outstanding at September 30, 2022 consists of: Program Name Section 202 Capital Advance Outstanding Balance atSeptember 30, 2022 $ 6,195,300