Title: BASIS OF PRESENTATION
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of the Redwood Cove Senior Apartments, Inc. (the Apartments) presented on the accrual basis of accounting. The information in this schedule is presented in accordance with audit 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 Apartments’ basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Apartments did not elect to use the 10 percent de minimis indirect cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of the Redwood Cove Senior Apartments, Inc. (the Apartments) presented on the accrual basis of accounting. The information in this schedule is presented in accordance with audit 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 Apartments’ basic financial statements.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of the Redwood Cove Senior Apartments, Inc. (the Apartments) presented on the accrual basis of accounting. The information in this schedule is presented in accordance with audit 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 Apartments’ basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Apartments did not elect to use the 10 percent de minimis indirect cost rate.
a) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the OMB Compliance Supplement, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
b) All federal grants were direct programs.
c) There were no subrecipients of federal awards.
d) The assistance listing numbers included in the accompanying Schedule were determined based upon program name, review of grant contract information, and the Office of Management and Budget’s assistance listing numbers.
Title: PROGRAM DESCRIPTIONS
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of the Redwood Cove Senior Apartments, Inc. (the Apartments) presented on the accrual basis of accounting. The information in this schedule is presented in accordance with audit 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 Apartments’ basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Apartments did not elect to use the 10 percent de minimis indirect cost rate.
Department of Housing and Urban Development
Federally Funded and Insured Mortgages – Rental and Cooperative Housing for Moderate Income Families and Elderly
The objective of the program is to provide good quality rental or cooperative housing for moderate income families, the elderly, and handicapped.
Supportive Housing for the Elderly
The objective of the program is to expand the supply of multifamily housing with supportive services for very low income elderly persons.
Title: INDIRECT COST RATES
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of the Redwood Cove Senior Apartments, Inc. (the Apartments) presented on the accrual basis of accounting. The information in this schedule is presented in accordance with audit 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 Apartments’ basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Apartments did not elect to use the 10 percent de minimis indirect cost rate.
The Apartments has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.