Notes to SEFA
Title: Basis of Presentation
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. Big Sky Apartments 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: Not required.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Big Sky Apartments, HUD Project No. 093-11011, 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 Big Sky Apartments, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Big Sky Apartments.
Title: U.S. Department of Housing and Urban Development Loan Program
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. Big Sky Apartments 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: Not required.
Big Sky Apartments refinanced a U.S. Department of Housing and Urban Development Section 223(f) loan under Section 207 of the National Housing Act during the year ended September 30, 2016. The refinanced loan amount is included in the federal expenditures presented in the Schedule. The balance of the loan outstanding on September 30, 2023 consists of: