Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of awards includes the federal grant activity of PILOT COVE MANOR HOUSING DEVELOPMENT FUND CO., INC. and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of OMB Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts in this schedule may differ from amounts presented in or used in preparation of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: PILOT COVE MANOR HOUSING DEVELOPMENT FUND CO., INC.elected not use the 10% de minimis indirect cost rate.