Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting and 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.
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 by the Uniform
Guidance.
The accompanying schedule of expenditures of federal awards includes the federal grant activities of
Sunset Point Apartments, Inc. (“Organization”). 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 the
Organization, it is not intended to and does not present the financial position, changes in net assets,
or cash flows of the Organization.
Title: LOANS
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting and 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.
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 by the Uniform
Guidance.
The Organization has the following loan balances outstanding at June 30, 2024:
Additional
Assistance Original Loan
Listing Loan Balance at Funding Balance at
Number Description Balance June 30, 2023 (Forgiveness) June 30, 2024
14.181 Supportive Housing for Persons
with Disabilities Section 811
Capital Advance $ 1,796,900 $ 1,796,900 $ - $ 1,796,900
14.218 Neighborhood Stabilization
Program $ 346,451 $ 346,451 $ - $ 346,451
Title: CONTINGENCY
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting and 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.
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 by the Uniform
Guidance.
Expenditures incurred by the Organization are subject to audit and possible disallowance by federal
agencies. Management believes that, if audited, an adjustment for disallowed expenses would be
immaterial.