Notes to SEFA
Title: NOTE A – BASIS OF PRESENTATION
Accounting Policies: NOTE B – SUMMARY OF SIGNIFICANT 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. Central Manor Apartments, Inc. (FHA/Contract No. 067-11125) has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards includes the federal award activity of Central Manor Apartments, Inc., (FHA/Contract No. 067-11125) 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 Central Manor Apartments, Inc. (FHA/Contract No. 067-11125), it is not intended to and does not present the financial position, changes in net assets, or cash flows of Central Manor Apartments, Inc. (FHA/Contract No. 067-11125).
Title: NOTE C – U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT INSURED LOAN
Accounting Policies: NOTE B – SUMMARY OF SIGNIFICANT 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. Central Manor Apartments, Inc. (FHA/Contract No. 067-11125) has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Central Manor Apartments, Inc. (FHA/Contract No. 067-11125) has received a U.S. Department of Housing and Urban Development insured loan under Section 223(f) of the National Housing Act. The loan balance outstanding at the end of the year is included in the federal expenditures presented in the Schedule. Central Manor Apartments, Inc. (FHA/Contract No. 067-11125) received no additional loans during the year. The balance of the loan outstanding at December 31, 2023 consists of: Federal Assistance Listing Number: 14.155; Program Name: Section 223(f) Loan; Outstanding Balance at December 31, 2023: $3,691,714.