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.
Prairie Tower Apartments, Inc. has elected not
De Minimis Rate Used: N
Rate Explanation: N/A
The accompanying schedule of expenditures offederal awards includes the federal grant activity
of Prairie Tower Apartments, Inc., HUD Project No. 093-EH003-NP-WAM, 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 Prairie Tower
Apartments, Inc., it is not intended to and does not present the financial position, changes in net
assets, or cash flows of Prairie Tower 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.
Prairie Tower Apartments, Inc. has elected not
De Minimis Rate Used: N
Rate Explanation: N/A
Prairie Tower Apartments, Inc.'s Section 202 loan has been paid. There is no outstanding loan
balance.