Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditues 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 and OMB Circular A-122, Cost Principles for Non-profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: Bonne Terre Senior Apartments, Inc. has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal loan balances of the Bonne Terre Senior Apartments, Inc. under programs of the federal government for the year ended October 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 Bonne Terre Senior Apartments, Inc. it is not intended to and does not pesent the financial position, changes in net assets or cash flows of the Bonne Terre Senior Apartments, Inc. The loan balances at October 31, 2023 for the Multi-Family Housing Revitalization Demonstration Program and the Rural Rental Housing Loans were $257,481 and $636,883 respectively, with interest subsidies of $36,558.