Notes to SEFA
Title: CAPITAL ADVANCE
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Divine Providence Apartments, Inc. and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Project does not have allocated costs.
Included in federal expenditures is a $1,314,550 capital advance outstanding balance at June 30, 2023. See Note G to the financial statement for further details.
Title: INDIRECT COST RATE
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Divine Providence Apartments, Inc. and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Project does not have allocated costs.
Divine Providence Apartments, Inc. has elected not to use the 10% de minimis cost rate.
Title: BASIS OF PRESENTATION
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Divine Providence Apartments, Inc. and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Project does not have allocated costs.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Divine Providence Apartments, Inc. and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance.