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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Charter Square Apartments, A Project of BGC I - Nonprofit Housing Corporation has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards includes the federal award activity of Charter
Square Apartments, A Project of BGC I - Nonprofit Housing Corporation, HUD Project No. 048-11077, 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 Charter Square Apartments, A Project of BGC I - Nonprofit Housing
Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows
of Charter Square Apartments, A Project of BGC I - Nonprofit Housing Corporation.
Title: NOTE 2 ‐ SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Charter Square Apartments, A Project of BGC I - Nonprofit Housing Corporation has elected not to use the 10-percent de minimis indirect cost rate 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 Uniform Guidance, wherein certain types of expenditures
are not allowable or are limited as to reimbursement. Charter Square Apartments, A Project of BGC I - Nonprofit
Housing Corporation has elected not to use the 10-percent de minimis indirect cost rate allowed under the
Uniform Guidance.
Title: NOTE 3 ‐ U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOAN PROGRAM
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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Charter Square Apartments, A Project of BGC I - Nonprofit Housing Corporation has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Charter Square Apartments, A Project of BGC I - Nonprofit Housing Corporation has received a U.S. Department
of Housing and Urban Development insured 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. Charter Square Apartments, A Project of BGC I - Nonprofit Housing Corporation refinanced during
2020 with the Section 223(f) HUD insured loan. The balance of the loan outstanding at December 31, 2023
consists of:
See the Notes to the SEFA for chart/table