Notes to SEFA
Title: Summary of Significant Accounting Policies
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal awards activities of G.I.S. Housing V, Inc. (the Project), HUD Project No. 067-EE008 FL 29-5911-010. 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 ofthe Project, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Project.Some amounts presented in the schedule may differ from amounts presented or used in the preparation of the financial statements.
De Minimis Rate Used: N
Rate Explanation: The Project did not elect to use the 10% de minimis indirect cost rate allowed by 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 limited as to reimbursement.