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: Geneva Avenue Elderly Housing, 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 ("Schedule") includes the federal award activity of Geneva Avenue Elderly Housing, Inc., HUD Project No. 023-EE-110, 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 Geneva Avenue Elderly Housing, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Geneva Avenue 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: Geneva Avenue Elderly Housing, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Geneva Avenue Elderly Housing, Inc. has received a U.S. Department of Housing and Urban Development direct loan under Section 202 Capital Advance Agreement. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. Geneva Avenue Elderly Housing, Inc. also received a CDBG loan from HUD passed through the City of Boston. Geneva Avenue Elderly Housing, Inc. received no additional capital advances or CDBG loan proceeds during the year. The balance of the loan outstanding at June 30, 2024 consists of: See the Notes to the SEFA for table.