Notes to SEFA
Title: CAPITAL ADVANCE
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of St. Mary Magdalene Apartments, Inc. 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.
De Minimis Rate Used: N
Rate Explanation: There are no indirect costs allocated to this Project.
Included in federal expenditures is a $1,366,300 capital advance outstanding balance at June 30, 2024. See Note G to the financial statement for further details.
Title: INDIRECT COST RATE
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of St. Mary Magdalene Apartments, Inc. 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.
De Minimis Rate Used: N
Rate Explanation: There are no indirect costs allocated to this Project.
St. Mary Magdalene Apartments, Inc. has elected not to use the 10% de minimis cost rate.
Title: BASIS OF PRESENTATION
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of St. Mary Magdalene Apartments, Inc. 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.
De Minimis Rate Used: N
Rate Explanation: There are no indirect costs allocated to this Project.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of St. Mary Magdalene Apartments, Inc. 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.