Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: THIS SEFA WAS PREPARED ON THE ACCRUAL BASIS OF ACCOUNTING
De Minimis Rate Used: N
Rate Explanation: THE PROJECT DID NOT RECEIVE ANY FEDERAL NONCASH ASSISTANCE FOR THE YEAR ENDING SEPTEMBER 30, 2024
The accompanying schedule of expenditures of federal awards (the SEFA) summarizes the federal expenditures of the Project under programs of the federal government for the year ended September 30, 2024. The amount reported as federal expenditure was obtained from the Project’s general ledger. Because the SEFA presents only a selected portion of the operations of the Project, it is not intended to and does not present the financial position, changes in net assets and cash flows of the Project.
Title: BASIS OF PRESENTATION
Accounting Policies: THIS SEFA WAS PREPARED ON THE ACCRUAL BASIS OF ACCOUNTING
De Minimis Rate Used: N
Rate Explanation: THE PROJECT DID NOT RECEIVE ANY FEDERAL NONCASH ASSISTANCE FOR THE YEAR ENDING SEPTEMBER 30, 2024
For purposes of the SEFA, federal awards include all grants, contracts, and similar agreements entered into directly with the federal government and other pass-through entities. The Project has obtained Catalog of Federal Domestic Assistance (Assistance Listing) numbers to ensure that all programs have been identified in the SEFA. Assistance Listing numbers have been appropriately listed by applicable programs. Federal programs with different Assistance Listing numbers that are closely related because they share common compliance requirements are defined as a cluster by the Uniform Guidance.
Title: FEDERALLY FUNDED AND INSURED MORTGAGES
Accounting Policies: THIS SEFA WAS PREPARED ON THE ACCRUAL BASIS OF ACCOUNTING
De Minimis Rate Used: N
Rate Explanation: THE PROJECT DID NOT RECEIVE ANY FEDERAL NONCASH ASSISTANCE FOR THE YEAR ENDING SEPTEMBER 30, 2024
The mortgage balance is included int the federal expenditure presented in the Schedule. The balance of the outstanding insured mortgage on September 30, 2024, is $4,178,400.
Title: BASIS OF ACCOUNTING
Accounting Policies: THIS SEFA WAS PREPARED ON THE ACCRUAL BASIS OF ACCOUNTING
De Minimis Rate Used: N
Rate Explanation: THE PROJECT DID NOT RECEIVE ANY FEDERAL NONCASH ASSISTANCE FOR THE YEAR ENDING SEPTEMBER 30, 2024
This SEFA was prepared on the accrual basis of accounting.
Title: NONCASH ASSISTANCE
Accounting Policies: THIS SEFA WAS PREPARED ON THE ACCRUAL BASIS OF ACCOUNTING
De Minimis Rate Used: N
Rate Explanation: THE PROJECT DID NOT RECEIVE ANY FEDERAL NONCASH ASSISTANCE FOR THE YEAR ENDING SEPTEMBER 30, 2024
The Project did not receive any federal noncash assistance for the year ending September 30, 2024.
Title: COST RATE
Accounting Policies: THIS SEFA WAS PREPARED ON THE ACCRUAL BASIS OF ACCOUNTING
De Minimis Rate Used: N
Rate Explanation: THE PROJECT DID NOT RECEIVE ANY FEDERAL NONCASH ASSISTANCE FOR THE YEAR ENDING SEPTEMBER 30, 2024
The Program elected not to use the 10% de minimis cost rate.