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 Uniform Guidance,
wherein certain types of expenditures are not allowable or are limited as to reimbursement. St.
Edmund's Tower, Inc. has elected not to use the 10-percent de minimis indirect cost rate
allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: St.
Edmund's Tower, Inc. has elected not to use the 10-percent de minimis indirect cost rate
allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal award
activity of St. Edmund's Tower, Inc., HUD Project No. 071-EE087, and is presented on the
accrual basis of accounting. 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 St.
Edmund's Tower, Inc., it is not intended to and does not present the financial position, changes
in net assets, or cash flows of St. Edmund's Tower, Inc.
Title: Summary of Significant Accounting Policies
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 Uniform Guidance,
wherein certain types of expenditures are not allowable or are limited as to reimbursement. St.
Edmund's Tower, Inc. has elected not to use the 10-percent de minimis indirect cost rate
allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: St.
Edmund's Tower, Inc. has elected not to use the 10-percent de minimis indirect cost rate
allowed under the Uniform Guidance.
Expenditures reported on the schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following the cost principles contained in Uniform Guidance,
wherein certain types of expenditures are not allowable or are limited as to reimbursement. St.
Edmund's Tower, Inc. has elected not to use the 10-percent de minimis indirect cost rate
allowed under the Uniform Guidance.
Title: U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOAN PROGRAM
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 Uniform Guidance,
wherein certain types of expenditures are not allowable or are limited as to reimbursement. St.
Edmund's Tower, Inc. has elected not to use the 10-percent de minimis indirect cost rate
allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: St.
Edmund's Tower, Inc. has elected not to use the 10-percent de minimis indirect cost rate
allowed under the Uniform Guidance.
St. Edmund's Tower, Inc. has received a U.S. Department of Housing and Urban Development
direct loan under Section 202 of the National Housing Act. The loan balance outstanding at the
beginning of the year is included in the federal expenditures presented in the Schedule. St.
Edmund's Tower, Inc. received no additional loans during the year. The balance of the loan
outstanding at December 31, 2023, consists of:
Assistance
Listing Number
Program Name Outstanding Balance at
December 31, 2023
14.157 Section 202 Capital Advance 4,636,900