Notes to SEFA
Title: NOTE A BASIS OF PRESENTATION
Accounting Policies: 1) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following the cost principles contained in Uniform Guidance, wherein
certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Rosewood Apartments, Inc. has not elected to use the 10 percent de minimis indirect cost rate as
allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal
award activity of Rosewood Apartments, Inc., HUD Project #033-HD101, under programs of the
federal government for the year ended March 31, 2024. 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
Rosewood Apartments, Inc., it is not intended to and does not present the financial position, changes
in net assets, or cash flows of Rosewood Apartments, Inc.