Notes to SEFA
Title: Note 1 - Basis of Presentation
Accounting Policies: 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. The Project did not receive Federal Financial Assistance in the form of loans or loan guarantees, or in the form of endowment funds. The schedule does not include matching expenditures. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: De minimis cost rate not applicable in this case.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Northern Nevada Building & Construction Trade Council Development Corporation, dba Carville Park Apartments, HUD Project No. 125-35077-NP, 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 Northern Nevada Building & Construction Trade Council Development Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Northern Nevada Building & Construction Trade Council Development Corporation.