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: St. Francis Xavier 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 St. Francis Xavier Apartments, Inc., HUD Project #033-EE127, 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 St.
Francis Xavier Apartments, Inc., it is not intended to and does not present the financial position,
changes in net assets, or cash flows of St. Francis Xavier Apartments, Inc.