Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Summary of Significant Accounting Policies ‐ Expenditures reported on the Schedule are reported on the accrual basis of
accounting. Such expenditures are recognized following the cost principles in OMB A‐122 or the cost principles contained in the
Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Project has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal
award activity of Conway Apartments, Inc. (the Project) under programs of the federal government
for the year ended June 30, 2023. 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, changes in net assets or cash flows of the Project.
Title: Indirect Cost Rate
Accounting Policies: Summary of Significant Accounting Policies ‐ Expenditures reported on the Schedule are reported on the accrual basis of
accounting. Such expenditures are recognized following the cost principles in OMB A‐122 or the cost principles contained in the
Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Project has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Project has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform
Guidance.
Title: Summary of Significant Accounting Policies
Accounting Policies: Summary of Significant Accounting Policies ‐ Expenditures reported on the Schedule are reported on the accrual basis of
accounting. Such expenditures are recognized following the cost principles in OMB A‐122 or the cost principles contained in the
Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Project has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following the cost principles in OMB A-122 or the cost principles
contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are
limited as to reimbursement.
Title: Federal Loan Programs
Accounting Policies: Summary of Significant Accounting Policies ‐ Expenditures reported on the Schedule are reported on the accrual basis of
accounting. Such expenditures are recognized following the cost principles in OMB A‐122 or the cost principles contained in the
Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Project has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Project did not have a balance outstanding due to any federal loan programs included in the
Project’s basic financial statements at June 30, 2023. The Project’s mortgage note with HUD through
the Supportive Housing for Persons with Disabilities program was recorded as a contribution from
HUD due to the terms described in the notes to the financial statements.