Notes to SEFA
Title: 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 OMB Circular A-122, "Cost Principles for Non-Profit Organizations", and 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: Rockland Elderly Housing, Inc, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal award activity of Rockland Street Elderly Housing, Inc., HUD Project No. 023-EE206, 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 Rockland Street Elderly Housing, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Rockland Street Elderly Housing, Inc. For the year ended June 30, 2024, no awards were passed through to subrecipients.
Title: U.S. Department of Housing and Urban Development Capital Advance
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 OMB Circular A-122, "Cost Principles for Non-Profit Organizations", and 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: Rockland Elderly Housing, Inc, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Rockland Street Elderly Housing, Inc. has received a U.S. Department of Housing and Urban Development capital advance under the HUD Section 202 Capital Advance Program. The capital
advance balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. Rockland Street Elderly Housing, Inc. also received a loan from HUD under the Demonstration Grant Program. Rockland Street Elderly Housing, Inc. received no additional capital advances or Demonstration Grant Program proceeds during the year. The
balance of the capital advance and Demonstration Grant Program loan outstanding at June 30, 2024 consists of: : See the Notes to the SEFA for table.