Notes to SEFA
Title: Note A Basis of Presentation
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.
De Minimis Rate Used: N
Rate Explanation: The auditee elected not to use the de minimis cost rate
The accompanying schedule of expenditures of federal awards includes the federal grant activity of
Chapel Hill Heights, Inc., HUD Project No. 065-35049, and is presented on the accrual basis of
accounting. The information in this schedule is presented in accordance with 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 this schedule may differ from amounts presented in, or used in the
preparation of, the basic financial statements. Because the schedule presents only a selected
portion of the operations of Chapel Hill Heights, Inc., it is not intended to and does not present the
financial position, changes in net assets, or cash flows of the Entity.
Title: NOTE B SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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.
De Minimis Rate Used: N
Rate Explanation: The auditee elected not to use the de minimis cost rate
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.
Title: NOTE C
U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOAN PROGRAM
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.
De Minimis Rate Used: N
Rate Explanation: The auditee elected not to use the de minimis cost rate
Chapel Hill Heights has received a U.S. Department of Housing and Urban Development mortgage
restructuring loan in connection with the Portfolio Reengineering Demonstration Program. The
loan balance outstanding at the beginning of the year is included in the federal expenditures
presented in the Schedule. Chapel Hill Heights received no additional loans during the year. The balance of the loan outsanding at December 31, 2023 constist of:
Program Name Mortgage Restructuring Loan CFDA Number 14.194 Outstanding
Balance at December 31, 2023
$ 9 57,375