Notes to SEFA
Accounting Policies: NOTE A - BASIS OF PRESENTATION The accompanying schedule of expenditures of federal awards includes the federal award activity of Hermitage Homes for Elderly, Inc., Stanford Place Apartments, and is presented on the full 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 the Project, it is not intended to and does not present the financial position, change in net assets, or cash flows of the Project.
De Minimis Rate Used: Y
Rate Explanation: NOTE B - DE MINIMIS INDIRECT COST RATE When applicable, Hermitage Homes for Elderly, Inc., Stanford Place Apartments, has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.