Title: NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Metro Plaza Apartments, Inc. under programs of the federal government for the year ended June 30, 2023. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a select portions of the operations of Metro Plaza Apartments, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Metro Plaza Apartments, Inc.
De Minimis Rate Used: N
Rate Explanation: Indirect costs are included in the reported expenditures to the extent they are included in the federal financial reports used as the source for the data presented.
Basis of Presentation - The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Metro Plaza Apartments, Inc. under programs of the federal government for the year ended June 30, 2023. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a select portions of the operations of Metro Plaza Apartments, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Metro Plaza Apartments, Inc. Relationship to Financial Statements - Federal award revenues are reported in the Organization’s financial statements as government grants. The Organization’s financial statements are presented using the accrual basis. The Schedule presents only a selected portion of activities of the Organization. It is not intended to, and does not, present either the financial position, statement of activities, and other changes in net assets of the Organization. Direct and Indirect Costs - Expenditures for direct and indirect costs are recognized as incurred using the accrual basis of accounting. Certain types of expenditures are not allowable or are limited as to reimbursement.
Title: NOTE 2 – NONCASH ASSISTANCE
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Metro Plaza Apartments, Inc. under programs of the federal government for the year ended June 30, 2023. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a select portions of the operations of Metro Plaza Apartments, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Metro Plaza Apartments, Inc.
De Minimis Rate Used: N
Rate Explanation: Indirect costs are included in the reported expenditures to the extent they are included in the federal financial reports used as the source for the data presented.
There were no federal awards expended in the form of noncash assistance by the Organization during the year ended June 30, 2023.
Title: NOTE 3 - SUBRECIPIENTS
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Metro Plaza Apartments, Inc. under programs of the federal government for the year ended June 30, 2023. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a select portions of the operations of Metro Plaza Apartments, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Metro Plaza Apartments, Inc.
De Minimis Rate Used: N
Rate Explanation: Indirect costs are included in the reported expenditures to the extent they are included in the federal financial reports used as the source for the data presented.
There were no pass-through amounts to sub recipients associated with the programs appearing in the Schedule.
Title: NOTE 4 - INDIRECT COST RATE
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Metro Plaza Apartments, Inc. under programs of the federal government for the year ended June 30, 2023. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a select portions of the operations of Metro Plaza Apartments, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Metro Plaza Apartments, Inc.
De Minimis Rate Used: N
Rate Explanation: Indirect costs are included in the reported expenditures to the extent they are included in the federal financial reports used as the source for the data presented.
Indirect costs are included in the reported expenditures to the extent they are included in the federal financial reports used as the source for the data presented. The Organization has not elected to use the 10% de minimums indirect cost rate as allowed under the Uniform Guidance.