Notes to SEFA
Title: NOTE A , BASIS OF PRESENTATION
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. Redbanks Regency Apartments, Inc. has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Redbanks Regency Apartments, Inc. has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (schedule) includes the federal award
activity of Redbanks Regency Apartments, Inc. under programs of the federal govemment for the year
ended June 30, 2024.The information in this schedule is presented in accordance with the requirements
of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrqtive Requirements, Cost
Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the schedule
pr"r"ntr only a selected portion of the operations of Redbanks Regency Apartments, Inc', it is not
intended to and does not present the financial position, changes in net assets, or cash flows of Redbanks
Regency Apartments, Inc.
Title: NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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. Redbanks Regency Apartments, Inc. has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Redbanks Regency Apartments, Inc. has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
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. Redbanks Regency Apartments, Inc'
hai elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform
Guidance.
Title: NOTE C . U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOAN PROGRAM
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. Redbanks Regency Apartments, Inc. has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Redbanks Regency Apartments, Inc. has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Redbanks Regency Apartments, lnc. has received a U.S. Department of Housing and Urban Development
direct loan under Section202 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. Redbanks Regency
Apartments, Inc. received no additional loans during the year. The balance of the loan outstanding at
June 30, 2024 consists of:
Program Name
Outstanding Balance
Assistance Listins Number at June 30.2024
14.157 Capital advance grant $ 4,172,600