Notes to SEFA
Title: CAPITAL ADVANCE
Accounting Policies: Expenditures reported on the Schedule are reported on the basis of accounting generally accepted in the United States of America (U.S. GAAP). Such expenditures are recognized following the costs principles contained in the Uniform Guidance , wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. The Project was subject to Part 3.1 of the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Auditee did not use the de minimis cost rate
In 2000, HUD issued a capital advance to the project owner totaling $1,036,000. This amount is included in the federal expenditures presented in the Schedule and is included in total net assets with donor restrictions in the financial statements. The capital advance agreement requires the owner to maintain the project for 40 years.
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the basis of accounting generally accepted in the United States of America (U.S. GAAP). Such expenditures are recognized following the costs principles contained in the Uniform Guidance , wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. The Project was subject to Part 3.1 of the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Auditee did not use the de minimis cost rate
The Schedule of Expenditures of Federal Awards (the "Schedule") includes the federal award activity of the Project under programs of the federal government for the year ended. 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) . Because the Schedule presents only a selected portion of the operations of the Project it is not intended to, and does not, present the financial position, changes in net position, or cash flows of theProject.