Notes to SEFA
Title: NOTE 1 – 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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Corporation has waived the 10% de minimis cost requirement for the year ended June 30, 2023
The accompanying schedule of federal financial awards (the Schedule) which includes the federal activity of Penn North Plaza, Inc., 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 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 Penn North Plaza, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Penn North Plaza, Inc.
Title: CAPITAL ADVANCE BALANCE
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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Corporation has waived the 10% de minimis cost requirement for the year ended June 30, 2023
The balance of Capital Advance payable at June 30, 2023 is $3,957,175