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. There were no sub-recipients during the year
ended June 30, 2024.
De Minimis Rate Used: N
Rate Explanation: The 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 (the “Schedule”) includes the
federal grant activity of Germantown Home Section 202 Corporation, T/A The Apartments
on the Germantown Home Campus, HUD Property No. 034-EE119 (the “Corporation”)
under programs of the federal government for the year ended June 30, 2024. The information
in this Schedule is presented in accordance with the requirements of Title 2 U.S Code of
Federal Regulations (CFR) 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 Germantown Home Section 202
Corporation, T/A The Apartments on the Germantown Home Campus, HUD Property
No. 034-EE119, it is not intended to and does not present the financial position, changes in
net assets or cash flows of Germantown Home Section 202 Corporation, T/A The
Apartments on the Germantown Home Campus, HUD Property No. 034-EE119.
Title: U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT (HUD)
CAPITAL ADVANCE
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. There were no sub-recipients during the year
ended June 30, 2024.
De Minimis Rate Used: N
Rate Explanation: The Corporation has elected not to use the 10-percent de minimis indirect
cost rate allowed under the Uniform Guidance.
The Corporation has received a HUD Capital Advance under Section 202 of the National
Housing Act (Capital Advances). The balance of the Capital Advances at the beginning of
the year is included in the federal expenditures presented in the Schedule. The Corporation
received no additional capital advances during the year. The balance of the Capital Advances
at June 30, 2024 consists of the HUD Section 202 Capital Advances in the amount of
$7,408,700. The Corporation received $394,241 in project rental assistance payments under a
Project Rental Assistance Contract under the same CFDA number (14.157), which is
separately presented on the Schedule.