Notes to SEFA
Title: 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.
De Minimis Rate Used: N
Rate Explanation: Does not apply - there were no indirect costs.
The accompanying schedule of expenditures of federal awards includes the federal awards activity of
Gabriel Manor Housing, Inc., HUD Project No. 065-11078-PM, under programs of the federal
government for the year ended September 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
Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform
Guidance). Because the Schedule presents only a selected portion of the operations of Gabriel Manor
Housing, Inc., it is not intended to and does not present the financial position, changes in net assets, or
cash flows of Gabriel Manor Housing, Inc..
Title: 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.
De Minimis Rate Used: N
Rate Explanation: Does not apply - there were no indirect costs.
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. Gabriel Manor Housing, Inc. has
elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT CAPITAL ADVANCE
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.
De Minimis Rate Used: N
Rate Explanation: Does not apply - there were no indirect costs.
Gabriel Manor Housing, Inc. has a Section 223(F) Mortgage Loan insured by the U.S. Department of
Housing and Urban Development. The mortgage loan outstanding at the beginning of the year is included
in the federal expenditures presented in the Schedule. Gabriel Manor Housing, Inc. received no additional
mortgage loans during the year. The balance of the mortgage loan outstanding at September 30, 2024
consists of: "See the Notes to the SEFA for chart/table"