Notes to SEFA
Title: Note A-Basis of Presentation
Accounting Policies: ACCRUAL
De Minimis Rate Used: N
Rate Explanation: Sonrisa Apartments, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Sonrisa Apartments, Inc., HUD Project No. 123-HD043, and is presented on the accrual basis of accounting. 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 Sonrisa Apartments, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Sonrisa Apartments, Inc.
Title: Note B-Summary of Significant Accounting Policies
Accounting Policies: ACCRUAL
De Minimis Rate Used: N
Rate Explanation: Sonrisa Apartments, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under 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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Sonrisa Apartments, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: Note C-Loans outstanding
Accounting Policies: ACCRUAL
De Minimis Rate Used: N
Rate Explanation: Sonrisa Apartments, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Organization had the following loan balances outstanding as of September 30, 2023. These loan balances are also included at their outstanding value in the accompanying Schedule of Federal Awards due to the continuing compliance requirements stipulated by the funding agencies. Federal
Federal Grantor/Pass-through AL Outstanding
Grantor/Program Title Number Balances
U.S. Department of Housing and Urban Development:
Section 811 Supportive Housing for Persons with Disabilities 14.181 $ 1,337,300
HOME Investment Partnerships Program 14.239 500,000
Total Loans outstanding $ 1,837,300