Notes to SEFA
Title: NOTE C -U. S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOAN PROGRAM ("HUD")
Accounting Policies: NOTE A -BASIS OF PRESENTATION
Thescheduleofexpendituresoffederalawardsispreparedontheaccrualbasisofaccounting.TheinformationinthisscheduleispresentedinaccordancewiththerequirementsofTitle2U.S.CodeofFederalRegulationsPart200,UniformAdministrativeRequirements,CostPrinciples,andAuditRequirementsforFederalAwards("UniformGuidance").BecausetheSchedulepresentsonlyaselectedportionoftheoperationsoftheProject,itisnotintendedtoanddoesnotpresentthefinancialposition,changesinnetassetsorcashflowsoftheProject.
NOTE B -SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
ExpendituresreportedontheSchedulearereportedontheaccrualbasisofaccounting.SuchexpendituresarerecognizedfollowingthecostprinciplescontainedintheUniformGuidance,whereincertaintypesofexpendituresarenotallowableorarelimitedastoreimbursement.TheProjecthaselectednottousethe10-percentdeminimisindirectcostrateallowedundertheUniformGuidance.
De Minimis Rate Used: N
Rate Explanation: TheProjecthaselectednottousethe10-percentdeminimisindirectcostrateallowedundertheUniformGuidance.
The Project has received a U. S. Department of Housing and Urban Development ("HUD") cash
advance under Section 811 of the National Housing Act. The advance balance at the beginning of the
year is included in the federal expenditures presented in the Schedule. The Project received no
additional loans during the year. The balance of the advance outstanding as of September 30, 2023,
consists of $1,058,700