Notes to SEFA
Title: U.S. Department of Housing and Urban Development capital advance 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: The auditee did not use the de minimis cost rate.
St. Timothy Park Apartments, Inc. has received a U.S. Department of Housing and Urban Development capital advance under Section 202 of the National Housing Act. The capital advance balance outstanding at the beginning of the year is included in the Federal expenditures presented in the schedule. St. Timothy Park Apartments, Inc. received no additional advances during the year. The balance of the capital advance outstanding at June 30, 2022 consists of: CFDA Number 14.157, Program Name: Section 202 Supporting Housing for the Elderly, Outstanding Balance at June 30th, 2022: $3,795,300