Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported in 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 reimbursements.
De Minimis Rate Used: N
Rate Explanation: Roseland Manor Duplexes has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Roseland Manor Duplexes, FHA Project No. 114-11346 , 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 (CFR) 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 Roseland Manor Duplexes, it is not intended to and does not present the financial position, changes in net assets or cash flows of Roseland Manor Duplexes.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported in 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 reimbursements.
De Minimis Rate Used: N
Rate Explanation: Roseland Manor Duplexes has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Expenditures reported in 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 reimbursements.
Title: INDIRECT COST RATE
Accounting Policies: Expenditures reported in 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 reimbursements.
De Minimis Rate Used: N
Rate Explanation: Roseland Manor Duplexes has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Roseland Manor Duplexes has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Title: HUD INSURED LOAN
Accounting Policies: Expenditures reported in 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 reimbursements.
De Minimis Rate Used: N
Rate Explanation: Roseland Manor Duplexes has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The Project received a mortgage insured loan in a prior year under section 207/223(f) of the National Housing Act. The mortgage loan balance at the beginning of the fiscal year is included in the schedule of federal expenditures. The Project received no additional loans during the year. The balance due on the mortgage loan at the end of the fiscal year amounted to $3,143,986.