Notes to SEFA
Title: U.S. Department of Housing and Urban Development Loan Program
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Talladega Presbyterian Apartments, Inc. HUD Project No. 062-EH165, 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 Talladega Presbyterian Apartments, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Talladega Presbyterian Apartments, Inc.
De Minimis Rate Used: N
Rate Explanation: 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. Talladega Presbyterian Apartments, Inc. 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 loan balance outstanding at the beginning of the year for the U.S. Department of Housing and Urban Development loan programs. No additional loans were received during the year. The balances outstanding as of March 31, 2023 are shown below: See the Notes to the SEFA for chart/table.