Notes to SEFA
Title: Note 2 - Indirect Cost Rate
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal award activity of Oriskany Falls Housing Development Fund Co., Inc. (Oliver Burleigh Apartments), Case No. 37-33-135228795, 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 Oliver Burleigh Apartments, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Oliver Burleigh Apartments.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Oliver Burleigh Apartments did not elect to use the 10% de minimis cost rate for indirect costs.
Title: Note 3 - Subrecipients
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal award activity of Oriskany Falls Housing Development Fund Co., Inc. (Oliver Burleigh Apartments), Case No. 37-33-135228795, 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 Oliver Burleigh Apartments, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Oliver Burleigh Apartments.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Oliver Burleigh Apartments did not pass any federal funds to subrecipients for the year ended August 31, 2023.