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. Negative amounts, if any, shown on the schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The Project has not elected to use the 10 percent de minimis indirect cost rate as allowed under Uniform Guidance. The Project did not charge indirect costs to the grants for reimbursement.
The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activity of the Project under programs of the federal government for the year ended July 31, 2023. 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 the Project, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Project.
Title: Summary of Significant Accounting Policies
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. Negative amounts, if any, shown on the schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The Project has not elected to use the 10 percent de minimis indirect cost rate as allowed under Uniform Guidance. The Project did not charge indirect costs to the grants for reimbursement.
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, if any, shown on the schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
Title: Indirect Cost Rates
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. Negative amounts, if any, shown on the schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The Project has not elected to use the 10 percent de minimis indirect cost rate as allowed under Uniform Guidance. The Project did not charge indirect costs to the grants for reimbursement.
The Project has not elected to use the 10 percent de minimis indirect cost rate as allowed under Uniform Guidance. The Project did not charge indirect costs to the grants for reimbursement.
Title: Section 202 Mortgage
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. Negative amounts, if any, shown on the schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The Project has not elected to use the 10 percent de minimis indirect cost rate as allowed under Uniform Guidance. The Project did not charge indirect costs to the grants for reimbursement.
This Mortgage was received in a prior year. This mortgage is a direct loan HUD and is subject to continuing compliance requirements. The balance of this mortgage at July 31, 2023 was $1,028,181.