Notes to SEFA
Title: BASIS OF ACCOUNTING
Accounting Policies: Basis of presentation. The accompanying schedule of expenditures of federal awards includes federal
grant activity of White River Senior Complex, Inc. (“the Project”) 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 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.
De Minimis Rate Used: N
Rate Explanation: N/A
The accompanying schedule of expenditures of federal awards includes the federal award grant activities
of the Project and is presented on the accrual basis of accounting. The information in the 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 Agency.
Title: FEDERAL INDIRECT RATE
Accounting Policies: Basis of presentation. The accompanying schedule of expenditures of federal awards includes federal
grant activity of White River Senior Complex, Inc. (“the Project”) 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 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.
De Minimis Rate Used: N
Rate Explanation: N/A
The Project has elected to not use the 10% de minimus indirect cost rate.
Title: CAPITAL ADVANCE
Accounting Policies: Basis of presentation. The accompanying schedule of expenditures of federal awards includes federal
grant activity of White River Senior Complex, Inc. (“the Project”) 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 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.
De Minimis Rate Used: N
Rate Explanation: N/A
The capital advance is a contingent liability recognized as net assets in the year of construction of the
apartment complex. In the event the Project does not remain available for eligible low-income
households for a 40-year period, in compliance with the capital advance agreement, HUD may declare
the entire amount due and payable.