Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Menorah Plaza Housing Corporation under programs of the federal government for the year ended September 30, 2022. The information in this Schedule is presented in accordance with the requirements of 2 CFR 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 Menorah Plaza Housing Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Menorah Plaza Housing Corporation. The balance of the HUD insured mortgage payable under Section 223(f) was $4,652,705 as of September 30, 2022.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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Menorah Plaza Housing Corporation (dba: Menorah Plaza Apartments), has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Menorah Plaza Housing Corporation (dba: Menorah Plaza Apartments), has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.