Notes to SEFA
Title: Basis of presentation
Accounting Policies: Basis of presentation:
The accompanying schedule of expenditures of federal awards includes the federal loan activity of Mary Lee Charles Place (the Organization) 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 (CFR) Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the presentation of the financial statements.
Summary of significant accounting policies:
Expenditures related to tenant rental assistance activity are reported on the accrual basis of accounting. Federal loan expenditures represent the full outstanding balance of the Section 811 mortgage note payable as required by the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Organization did not make an election to use the ten percent de minimis cost rate as allowed in the Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal loan activity of Mary Lee Charles Place (the Organization) 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 (CFR) Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the presentation of the financial statements.
Title: Summary of significant accounting policies
Accounting Policies: Basis of presentation:
The accompanying schedule of expenditures of federal awards includes the federal loan activity of Mary Lee Charles Place (the Organization) 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 (CFR) Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the presentation of the financial statements.
Summary of significant accounting policies:
Expenditures related to tenant rental assistance activity are reported on the accrual basis of accounting. Federal loan expenditures represent the full outstanding balance of the Section 811 mortgage note payable as required by the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Organization did not make an election to use the ten percent de minimis cost rate as allowed in the Uniform Guidance.
Expenditures related to tenant rental assistance activity are reported on the accrual basis of accounting. Federal loan expenditures represent the full outstanding balance of the Section 811 mortgage note payable as required by the Uniform Guidance.
Title: Summary of significant accounting policies
Accounting Policies: Basis of presentation:
The accompanying schedule of expenditures of federal awards includes the federal loan activity of Mary Lee Charles Place (the Organization) 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 (CFR) Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the presentation of the financial statements.
Summary of significant accounting policies:
Expenditures related to tenant rental assistance activity are reported on the accrual basis of accounting. Federal loan expenditures represent the full outstanding balance of the Section 811 mortgage note payable as required by the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Organization did not make an election to use the ten percent de minimis cost rate as allowed in the Uniform Guidance.
The Organization did not make an election to use the ten percent de minimis cost rate as allowed in the Uniform Guidance.