Notes to SEFA
Title: 3.Capital Advance
Accounting Policies: 1.Basis Of PresentationThe accompanying Schedule of Expenditures of Federal Awards (Schedule) presents the activity of all federal financial assistance programs of St. Agnes Apartments, Inc. (the Project). 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). Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Project has a Capital Advance from HUD in the amount of $4,802,600 for the costs of the building. This Capital Advance does not have to be paid back to HUD under the stipulation that the Project rents only to qualified tenants, as defined by HUD, until July 2034.
Title: 2.Basis Of Accounting
Accounting Policies: 1.Basis Of PresentationThe accompanying Schedule of Expenditures of Federal Awards (Schedule) presents the activity of all federal financial assistance programs of St. Agnes Apartments, Inc. (the Project). 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). Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying Schedule is presented using the accrual basis of accounting.