Notes to SEFA
Title: U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT CAPITAL ADVANCES 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. Main Street Apartments Corporation has elected not to use the 10-percent de minimis indirect cost rate allowed by the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Main Street Apartments Corporation has elected not to use the 10-percent de minimis indirect cost rate allowed by the Uniform Guidance.
Main Street Apartments Corporation has received U.S. Department of Housing and Urban Development capital advances under Section 811 of the National Housing Act. The capital advances outstanding at the beginning of the year is included in the federal expenditures presented in the schedule. Main Street Apartments Corporation received no additional advances during the year. The balance of the advance at December 31, 2023 consists of: $845,300.