Notes to SEFA
Title: Note 1. General Information
Accounting Policies: The accompanying Schedules of Expenditures of Federal Awards and State Financial Assistance present the activities in all the federal and state programs of Clinton Hill Community Apartments. All financial assistance received directly from federal and state agencies as well as financial assistance passed through other governmental agencies are included in the schedules
De Minimis Rate Used: N
Rate Explanation: Auditee did not use the deminimis cost rate. Auditee used the direct allocation method
The accompanying Schedules of Expenditures of Federal Awards and State Financial Assistance present the activities in all the federal and state programs of Clinton Hill Community Apartments. All financial assistance received directly from federal and state agencies as well as financial assistance passed through other governmental agencies are included in the schedules.
Title: Note 2. Basis of Accounting
Accounting Policies: The accompanying Schedules of Expenditures of Federal Awards and State Financial Assistance present the activities in all the federal and state programs of Clinton Hill Community Apartments. All financial assistance received directly from federal and state agencies as well as financial assistance passed through other governmental agencies are included in the schedules
De Minimis Rate Used: N
Rate Explanation: Auditee did not use the deminimis cost rate. Auditee used the direct allocation method
The accompanying schedules are presented on the accrual basis of accounting. The amounts reported in these schedules as expenditures may differ from certain financial reports submitted to federal and state funding agencies due to those reports being submitted on a cash or modified accrual basis of accounting.
Title: Note 3. Non-Cash Federal Assistance
Accounting Policies: The accompanying Schedules of Expenditures of Federal Awards and State Financial Assistance present the activities in all the federal and state programs of Clinton Hill Community Apartments. All financial assistance received directly from federal and state agencies as well as financial assistance passed through other governmental agencies are included in the schedules
De Minimis Rate Used: N
Rate Explanation: Auditee did not use the deminimis cost rate. Auditee used the direct allocation method
The Project did not provide any loan or loan guarantees in the year ended December 31, 2023.
Title: Note 4. Sub-Recipients
Accounting Policies: The accompanying Schedules of Expenditures of Federal Awards and State Financial Assistance present the activities in all the federal and state programs of Clinton Hill Community Apartments. All financial assistance received directly from federal and state agencies as well as financial assistance passed through other governmental agencies are included in the schedules
De Minimis Rate Used: N
Rate Explanation: Auditee did not use the deminimis cost rate. Auditee used the direct allocation method
Of the federal and state expenditures presented in this schedule, the Project did not provide federal or state awards to sub-recipients.
Title: Note 5. Indirect Cost Rate
Accounting Policies: The accompanying Schedules of Expenditures of Federal Awards and State Financial Assistance present the activities in all the federal and state programs of Clinton Hill Community Apartments. All financial assistance received directly from federal and state agencies as well as financial assistance passed through other governmental agencies are included in the schedules
De Minimis Rate Used: N
Rate Explanation: Auditee did not use the deminimis cost rate. Auditee used the direct allocation method
The Project has elected not to use the 10% de minimis indirect cost rate as allowed under Uniform Guidance.