Notes to SEFA
Title: 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.
De Minimis Rate Used: N
Rate Explanation: Linden Lane Apartments, A Project of BGC -
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 Linden Lane
Apartments, A Project of BGC - Nonprofit Housing Corporation, HUD Project No. 048-11075, 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 Linden Lane Apartments, A Project of BGC - Nonprofit Housing
Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows
of Linden Lane Apartments, A Project of BGC - Nonprofit Housing Corporation.
Title: 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 the Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Linden Lane Apartments, A Project of BGC -
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 the Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. Linden Lane Apartments, A Project of BGC -
Nonprofit Housing Corporation has elected not to use the 10-percent de minimis indirect cost rate allowed under
the Uniform Guidance.
Title: 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 the Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Linden Lane Apartments, A Project of BGC -
Nonprofit Housing Corporation has elected not to use the 10-percent de minimis indirect cost rate allowed under
the Uniform Guidance.
Linden Lane Apartments, A Project of BGC - 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. Linden Lane Apartments, A Project of BGC - Nonprofit Housing Corporation received no additional
loans during the year. The balance of the loan outstanding at December 31, 2023 consists of:
ALN
Number Program Name
Outstanding Balance at
December 31, 2023
14.155
Mortgage Insurance for the Purchase or Refinancing of
Existing Multifamily Housing Projects $ 6 ,663,516