Notes to SEFA
Title: NOTE 1 - BASIS OF PRESENTATION
Accounting Policies: 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).
De Minimis Rate Used: N
Rate Explanation: Brownsburg Village, Inc. d/b/a Lakeview Place Apartments has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal award activity of Brownsburg Village, Inc. d/b/a Lakeview Place Apartments and is presented on the accrual basis of accounting. 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 Brownsburg Village, Inc. d/b/a Lakeview Place Apartments, it is not intended to and does not present the financial position, changes in net assets or cash flows of Brownsburg Village, Inc. d/b/a Lakeview Place Apartments.
Title: NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: 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).
De Minimis Rate Used: N
Rate Explanation: Brownsburg Village, Inc. d/b/a Lakeview Place Apartments has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
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. Brownsburg Village, Inc. d/b/a Lakeview Place Apartments has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: NOTE 3 - U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOAN PROGRAM
Accounting Policies: 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).
De Minimis Rate Used: N
Rate Explanation: Brownsburg Village, Inc. d/b/a Lakeview Place Apartments has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Brownsburg Village, Inc, d/b/a Lakeview Place Apartments has received a U.S. Department of Housing and Urban Development loan under Section 223(f) of the National Housing Act. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. Brownsburg Village, Inc. d/b/a Lakeview Place Apartments received no additional loans during the year. The balance of the loan outstanding at April 30, 2024, consists of $ 1,113,004.