Notes to SEFA
Title: NOTE A. BASIS OF PRESENTATION
Accounting Policies: NOTE B. SUMMARY OF SIGNIFICANT 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.
Elizabeth H. Wright 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: Elizabeth H. Wright 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 includes the federal award activity of
Elizabeth H. Wright Apartments 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 Elizabeth H. Wright Apartments, it is not intended to and does
not present the financial position, changes in net assets, or cash flows of Elizabeth H. Wright
Apartments.
Title: NOTE C. U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOAN
PROGRAM
Accounting Policies: NOTE B. SUMMARY OF SIGNIFICANT 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.
Elizabeth H. Wright 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: Elizabeth H. Wright Apartments has elected not to use the 10 percent de minimis indirect cost rate
as allowed under the Uniform Guidance.
Elizabeth H. Wright Apartments has received a U.S. Department of Housing and Urban
Development insured loan under Section 207 pursuant to 223(f) 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. Elizabeth H. Wright Apartments received no additional loans during the
year. The balance of the loan outstanding at June 30, 2023 consists of:
Outstanding
Assistance Balance at
Listing Number Program Name June 30, 2023
14.134 Section 207 Pursuant to 223(f) Loan $ 1,071,721