Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported in the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. No federal financial assistance has been provided to a subrecipient.
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 (the schedule) includes the federal award activity of the Red Lake Senior Apartment Center, Inc. (the Organization) under programs of the federal government for the year ended September 30, 2022. The information is presented in accordance with the requirements of Title2 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 Red Lake Senior Apartment Center, Inc., it is not intended to and does not present the financial position, changes in net assets or cash flows of Red Lake Senior Apartment Center, Inc.