Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the schedule are presented in accordance with generally accepted accounting principles. Such expenditures are recognized following the cost principles contained in the Uniform Guidance cost principles, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10% de minimis cost rate allowed under Section 200.414(f) of the Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Northfield Apartments, Inc. HUD Project No. 102HD006CMI, 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), Audits of States, Local Governments, and Non-Profit Organizations. Because the schedule presents only a selected portion of the operations of the Organization, it is not intended to and does not present the net assets, changes in net assets, or cash flows of the Organization.
Title: U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOAN PROGRAM
Accounting Policies: Expenditures reported on the schedule are presented in accordance with generally accepted accounting principles. Such expenditures are recognized following the cost principles contained in the Uniform Guidance cost principles, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10% de minimis cost rate allowed under Section 200.414(f) of the Uniform Guidance.
TE 3 – U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOAN PROGRAM
Northfield Apartments, Inc. has received a U.S. Department of Housing and Urban Development direct loan under Section 811 of the National Housing Act. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the schedule. Northfield Apartments, Inc. received no additional loans during the year. The balance of the loan outstanding at June 30, 2024 consisted of: Federal Assistance
Listing Number
Program Name
Outstanding
Balance at
June 30, 2024
14.181 Section 811 Capital Advance $ 834,900
Title: OTHER EXPENDITURES
Accounting Policies: Expenditures reported on the schedule are presented in accordance with generally accepted accounting principles. Such expenditures are recognized following the cost principles contained in the Uniform Guidance cost principles, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10% de minimis cost rate allowed under Section 200.414(f) of the Uniform Guidance.
The Organization did not receive any federal awards in the form of noncash assistance, insurance, loans,
or loan guarantees and incurred no expenditures in relation thereof for the year ended June 30, 2024.