Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures report 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 allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Pride Gardens has elected not to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Pride Gardens Apartments under the 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 (CFR) Part 200, Uniform Administrative Requirements, Cost Principals, and Audit Requirements for Federal Awards ( Uniform Guidance). Because the Schedule presents only a selected portion of the Project, it is not intended to and does not present the Project’s net financial position, change in net position, or cash flows.
Title: Accounting method
Accounting Policies: Expenditures report 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 allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Pride Gardens has elected not to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance.
Expenditures report 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 allowable or are limited as to reimbursement.
Title: De Minimis
Accounting Policies: Expenditures report 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 allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Pride Gardens has elected not to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance.
Pride Gardens has elected not to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance.
Title: Loan balance
Accounting Policies: Expenditures report 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 allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Pride Gardens has elected not to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance.
The outstanding balance of loan and loan guarantee programs at June 30, 2024, with continuing compliance requirements which are reported as federal expenditures on the accompanying Schedule of Expenditures of Federal Awards was $642,518.