Title: NOTE A - BASIS OF PRESENTATION (S3300-510)
Accounting Policies: NOTE A - BASIS OF PRESENTATION (S3300-510)
1. The accompanying schedule of expenditures of federal awards (the Schedule) includes the
federal grant activity of Monarch Place Apartments, FHA Project No. 115-11160, (the
Project) 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 the Project, it is not intended to and does not present
the financial position, changes in net assets, or cash flows of the Project.
2. In accordance with HUD guidelines, under the Section 8 program, federal awards expended
for the fiscal year equal subsidies received from HUD.
NOTE B – SUMMARY OF SIGNIFICANT 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 allowed or are limited as to
reimbursement. The Project has elected not to use the 10 percent de minimis indirect cost
rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Project has elected not to use the 10 percent de minimis indirect cost
rate as allowed under the Uniform Guidance.
1. The accompanying schedule of expenditures of federal awards (the Schedule) includes the
federal grant activity of Monarch Place Apartments, FHA Project No. 115-11160, (the
Project) 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 the Project, it is not intended to and does not present
the financial position, changes in net assets, or cash flows of the Project.
2. In accordance with HUD guidelines, under the Section 8 program, federal awards expended
for the fiscal year equal subsidies received from HUD.
Title: NOTE B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: NOTE A - BASIS OF PRESENTATION (S3300-510)
1. The accompanying schedule of expenditures of federal awards (the Schedule) includes the
federal grant activity of Monarch Place Apartments, FHA Project No. 115-11160, (the
Project) 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 the Project, it is not intended to and does not present
the financial position, changes in net assets, or cash flows of the Project.
2. In accordance with HUD guidelines, under the Section 8 program, federal awards expended
for the fiscal year equal subsidies received from HUD.
NOTE B – SUMMARY OF SIGNIFICANT 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 allowed or are limited as to
reimbursement. The Project has elected not to use the 10 percent de minimis indirect cost
rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Project has elected not to use the 10 percent de minimis indirect cost
rate as 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 allowed or are limited as to
reimbursement. The Project has elected not to use the 10 percent de minimis indirect cost
rate as allowed under the Uniform Guidance.
Title: NOTE C – U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOAN
PROGRAM
Accounting Policies: NOTE A - BASIS OF PRESENTATION (S3300-510)
1. The accompanying schedule of expenditures of federal awards (the Schedule) includes the
federal grant activity of Monarch Place Apartments, FHA Project No. 115-11160, (the
Project) 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 the Project, it is not intended to and does not present
the financial position, changes in net assets, or cash flows of the Project.
2. In accordance with HUD guidelines, under the Section 8 program, federal awards expended
for the fiscal year equal subsidies received from HUD.
NOTE B – SUMMARY OF SIGNIFICANT 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 allowed or are limited as to
reimbursement. The Project has elected not to use the 10 percent de minimis indirect cost
rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Project has elected not to use the 10 percent de minimis indirect cost
rate as allowed under the Uniform Guidance.
The Project has a refinanced loan and is under the U.S. Department of Housing and Urban
Development Section 223 (F) Mortgage Insurance for Purchasing or Refinancing of Existing
Multifamily Rental Housing program. The loan balance outstanding at the beginning of the
year is included in the federal expenditures presented in the Schedule. The Project received
no additional loans during the year. The balance of the loan outstanding at June 30, 2024
consists of: Assistance Listing Number 14.155 Program Name Mortgage Insurance for Purchase or Refinancing of Existing Multifamily Rental Housing: Section 223 (F) Outstanding Balance at June 30, 2024 $892,791