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. Clifton Senior Citizens' Housing Corp. has not elected not to use the 10 percent de mini mis
indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: 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.
The accompanying schedule of expenditures of federal awards (the Schedule)
includes the federal grant activity of Clifton Senior Citizens' Housing Corp. under programs of the federal
government for the year ended June 30, 2024, 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 Clifton Senior Citizens' Housing Corp., it is not intended to and does not present the
financial position, changes in net assets, or cash flows of Clifton Senior Citizens' Housing Corp.
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. Clifton Senior Citizens' Housing Corp. has not elected not to use the 10 percent de mini mis
indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: 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.
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. Clifton Senior Citizens' Housing Corp. has not elected not to use the 10 percent de mini mis
indirect cost rate as allowed under the Uniform Guidance.
Title: NON-CASH EXPENDITURES
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. Clifton Senior Citizens' Housing Corp. has not elected not to use the 10 percent de mini mis
indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: 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.
The Organization has an agreement with the U.S. Department of Housing and
Urban Development (HUD) Section 236 Interest Reduction Program for an interest subsidy on its first mortgage.
These interest payments are received directly by the mortgage company.
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. Clifton Senior Citizens' Housing Corp. has not elected not to use the 10 percent de mini mis
indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: 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.
Clifton Senior Citizens'
Housing Corporation has a U.S. Department of Housing and Urban Development direct 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. Clifton Senior Citizens' Housing Corporation received no additional loans
during the year. The loan's outstanding balance as of June 30, 2024 consists of:
ALN Outstanding Balance at
Program Name Number June 30, 2024
U.S. Department of Housing and Urban Development 14.195 $7,135,168
Section 223(f) Insured Loan