Title: NOTE A - BASIS OF PRESENTATION
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes thefederal award activity of Rome Apartments, Inc. under programs of the federal government for theyear ended December 31, 2023. The information in this Schedule is presented in accordance withthe requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform AdministrativeRequirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).Because the Schedule presents only a selected portion of the operations of Rome Apartments,Inc., it is not intended to and does not present the financial position, changes in net assets (deficit),or cash flows of Rome Apartments, Inc. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures 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.Negative amounts shown on the Schedule represent adjustments or credits made in the normalcourse of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: Rome Apartments, Inc.has not elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes thefederal award activity of Rome Apartments, Inc. under programs of the federal government for the year ended December 31, 2023. The information in this Schedule is presented in accordance withthe requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform AdministrativeRequirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).Because the Schedule presents only a selected portion of the operations of Rome Apartments,Inc., it is not intended to and does not present the financial position, changes in net assets (deficit),or cash flows of Rome Apartments, Inc.
Title: NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes thefederal award activity of Rome Apartments, Inc. under programs of the federal government for theyear ended December 31, 2023. The information in this Schedule is presented in accordance withthe requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform AdministrativeRequirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).Because the Schedule presents only a selected portion of the operations of Rome Apartments,Inc., it is not intended to and does not present the financial position, changes in net assets (deficit),or cash flows of Rome Apartments, Inc. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures 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.Negative amounts shown on the Schedule represent adjustments or credits made in the normalcourse of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: Rome Apartments, Inc.has not elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures 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.Negative amounts shown on the Schedule represent adjustments or credits made in the normalcourse of business to amounts reported as expenditures in prior years. Rome Apartments, Inc.has not elected to use the 10-percent de minimis indirect cost rate as allowed under the UniformGuidance.
Title: NOTE C - CAPITAL ADVANCE, NON-AMORTIZING MORTGAGE
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes thefederal award activity of Rome Apartments, Inc. under programs of the federal government for theyear ended December 31, 2023. The information in this Schedule is presented in accordance withthe requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform AdministrativeRequirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).Because the Schedule presents only a selected portion of the operations of Rome Apartments,Inc., it is not intended to and does not present the financial position, changes in net assets (deficit),or cash flows of Rome Apartments, Inc. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures 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.Negative amounts shown on the Schedule represent adjustments or credits made in the normalcourse of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: Rome Apartments, Inc.has not elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The Capital Advance, Non-Amortizing Mortgage is administered directly by Rome Apartments,Inc., and balances and transactions relating to this program are included in Rome Apartments,Inc.’s basic financial statements. The outstanding mortgage at the beginning of the year isincluded in the federal expenditures presented in the Schedule. The balance of the mortgageoutstanding at December 31, 2023 is $1,375,600. As long as Rome Apartments, Inc. remainsqualified under the U.S. Department of Housing and Urban Development, Supportive Housing forPersons with Disabilities (Section 811) program, repayment of the principal balance on themortgage is deferred until final maturity in 2037. At that time, the mortgage will be forgiven.