Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule of expenditures of Federal awards 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.
De Minimis Rate Used: N
Rate Explanation: Coleman Apartments, Inc. has elected not to use the 10 percent de minimus cost rate as allowed under Uniform Guidance.
The accompanying schedule of expenditures of Federal awards (the “Schedule”) includes the Federal award activity of Coleman Apartments, Inc. under programs of the Federal government for the year ended December 31, 2023. 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 Coleman Apartments, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Coleman Apartments, Inc.
Title: Capital Advance program
Accounting Policies: Expenditures reported on the Schedule of expenditures of Federal awards 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.
De Minimis Rate Used: N
Rate Explanation: Coleman Apartments, Inc. has elected not to use the 10 percent de minimus cost rate as allowed under Uniform Guidance.
Coleman Apartments, Inc. has received a U.S. Department of Housing and Urban Development capital advance under Section 811 of the National Affordable Housing Act. The capital advance balance outstanding at the beginning of the year is included in the Federal expenditures presented in the Schedule. Coleman Apartments, Inc. received no additional advances during the year. The balance of the capital advance outstanding at December 31, 2023 was $732,400.