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: AuSable Valley Apartments, Inc. 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 AuSable Valley Apartments, Inc., 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 AuSable Valley
Apartments, Inc., it is not intended to and does not present the financial position, changes in net deficit or cash
flows of AuSable Valley Apartments, Inc.
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: AuSable Valley Apartments, Inc. 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. AuSable Valley Apartments, Inc. 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: AuSable Valley Apartments, Inc. has elected
not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
AuSable Valley Apartments, Inc. has received a U.S. Department of Housing and Urban Development direct loan
under Section 207/223(f) of the National Housing Act. The loan balance at the beginning of the year is included
in the federal expenditures presented in the Schedule. AuSable Valley Apartments, Inc. received no additional
loans during the year. The balance of the loan consists of:
Program Name ALN
Mortgage Insurance for the Purchase or Refinancing
of Existing Multifamily Housing Projects - 223(f) 14.155 $ 1,509,176