Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of federal awards includes
the federal grant activity of G.D.L. Plaza Corporation, HUD Project No. 034-11165,
and is presented on the accrual basis of accounting. The information in this schedule is
presented in accordance with the requirements of the Uniform Guidance.
Therefore, some amounts presented in this schedule may differ from amounts
presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimus cost rate.