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 Annex, 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 Annex, 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 Annex, Inc., HUD Project No. 071-EE249, 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 Annex, 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 Annex, 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 Annex, 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 Annex, 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 Annex, 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 Annex, 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 Annex, Inc. has elected not to use the 10-percent de minimis indirect cost rate
allowed under the Uniform Guidance.
St. Edmund's Tower Annex, 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 Annex, 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 5,517,400