Notes to SEFA
Title: Basis of Presentation
Accounting Policies: The accompanying Schedule is presented using the accrual basis of accounting
De Minimis Rate Used: N
Rate Explanation: The Corporation has not elected to use the 10% de minimis indirect cost rate as allowed in the Uniform Guidance Section 414.
The accompanying Schedule of Expenditures of Federal Awards (Schedule) presents the activity of all federal financial assistance programs of Partridge Place (the Corporation). 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). Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in preparation of, the basic financial statements.
Title: Capital Advance
Accounting Policies: The accompanying Schedule is presented using the accrual basis of accounting
De Minimis Rate Used: N
Rate Explanation: The Corporation has not elected to use the 10% de minimis indirect cost rate as allowed in the Uniform Guidance Section 414.
The Corporation has a Capital Advance from HUD in the amount of $1,576,500 for the costs of the building. This Capital Advance does not have to be paid back to HUD under the stipulation that the Corporation rents only to qualified tenants, as defined by HUD, until January 2047.