Title: Note 1 - Basis of presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following, as applicable 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: MEDS Apartments, has not elected to use the 10-percent de minimis indirect cost rate allowed
under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards ("Schedule") includes the federal
award activity of MEDS Apartments, HUD Project No. 071-11280, 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 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
MEDS Apartments, it is not intended to and does not present the financial position, changes in net
assets, or cash flows of MEDS Apartments For the year ended June 30, 2024, no awards were
passed through to subrecipients.
Title: Note 2 - 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, as applicable 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: MEDS Apartments, has not elected 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, as applicable the cost principles contained in the Uniform
Guidance, wherein certain types of expenditures are not allowable or are limited as to
reimbursement.
Title: Note 3 - Indirect cost rate
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following, as applicable 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: MEDS Apartments, has not elected to use the 10-percent de minimis indirect cost rate allowed
under the Uniform Guidance.
MEDS Apartments, has not elected to use the 10-percent de minimis indirect cost rate allowed
under the Uniform Guidance.
Title: Note 4 - 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, as applicable 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: MEDS Apartments, has not elected to use the 10-percent de minimis indirect cost rate allowed
under the Uniform Guidance.
MEDS Apartments, has received a mortgage note guaranteed by the Federal Housing
Administration. The loan balance outstanding at the beginning of the year is included in the federal
expenditures presented in the Schedule. MEDS Apartments received no additional loans during the
year. The balance of the loan outstanding June 30, 2024 consists of:
Federal Assisted
Listing Number Program Name
Outstanding
Balance at
June
30, 2024
14.134 Section 223(f) - Mortgage insurance - Rental Housing $ 4,276,580