Notes to SEFA
Title: SEFA Note
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Drexel Square 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 Award (Uniform Guidance). Because the schedule presents only a selected portion of the operations of Drexel Square Apartments, it is not intended to and does not present the financial position, changes in net assets, or cash flows or Drexel Square Apartments.
De Minimis Rate Used: N
Rate Explanation: The auditee is a 100% Section 8 Housing Project.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Drexel Square 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 Award (Uniform Guidance). Because the schedule presents only a selected portion of the operations of Drexel Square Apartments, it is not intended to and does not present the financial position, changes in net assets, or cash flows or Drexel Square Apartments.