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.
Glengarra Place 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 Glengarra Place, HUD Project No. 093-EE0l 7, 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 Glengarra Place, it is not intended
to and does not present the financial position, changes in net assets, or cash flows of Glengarra
Place.
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.
Glengarra Place 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
Glengarra Place has received a U.S. Department of Housing and Urban Development direct loan
under Section 202 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. Glengarra Place
received no additional loans during the year. The balance of the loan outstanding on September
30, 2024 consists of:
Federal Assistance Listing Number 14.157; Program Name
Section 202 Direct Loan; Outstanding Balance at September 30, 2024 $ 4,719,029