Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are
recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform
Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types
of expenditures are not allowable or are limited as to reimbursement. New Vision Residential Services, Inc. d/b/a
Clifton Court Apartments has elected not to use the 10 percent de minimis indirect cost rate as allowed under the
Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: New Vision Residential Services, Inc. d/b/a
Clifton Court Apartments has elected not to use the 10 percent de minimis indirect cost rate as allowed under the
Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal awards activity
of New Vision Residential Services, Inc. d/b/a Clifton Court Apartments, HUD Project No. 083-HD060-NP-WDD,
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 ("CFR")
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
New Vision Residential Services, Inc. d/b/a Clifton Court Apartments, it is not intended to and does not present the
financial position, changes in net assets, or cash flows of New Vision Residential Services, Inc. d/b/a Clifton Court
Apartments.