Notes to SEFA
Title: Note A - Basis of Presentation
Accounting Policies: Note B - Summary of Significant Accounting Policies
Expenditures reported 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. Council Groves Apartments, Inc. has elected not to use the 10-percent de
minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: N/A
The accompanying schedule of expenditures of federal awards includes the federal grant
activity of Council Groves Apartments, Inc., HUD Project No. 093-11015, and is presented
on the accrual basis of accounting. 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 Council Groves Apartments, Inc., it is not intended to and does not present the
financial position, changes in net assets, or cash flows of Council Groves Apartments, Inc.
Title: Note C - U.S. Department of Housing and Urban Development Loan Program
Accounting Policies: Note B - Summary of Significant Accounting Policies
Expenditures reported 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. Council Groves Apartments, Inc. has elected not to use the 10-percent de
minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: N/A
Council Groves Apartments, Inc. has received a U.S. Department of Housing and Urban
Development direct loan under Section 207 Pursuant to Section 223(f) 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. Council Groves Apartments, Inc. received no
additional loans during the year. The balance of the loan outstanding at September 30, 2024
consists of:
Federal Assistance Listing Number 14.134
Program Name Section 207 Direct Loan pursuant to Section 223(f)
Outstanding Balance at September 30, 2024 $1,010.288