Notes to SEFA
Title: Summary of Significant Accounting Policies
Accounting Policies: See attached
De Minimis Rate Used: N
Rate Explanation: The Assoc elected not to use the 10% de minimis indirect cost rate allowed by Uniform Guidence
Note 1 - Basis of Presentation
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Eagle Rock Senior Citizens’ Housing Association (the "Association"), HUD Project No. 031-EH-002-NP-WAH-L8, under programs of the federal government for the year ended March 31, 202. 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. Because the Schedule presents only a selected portion of the operations of the Association, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Association.
Note 2 - Summary of Significant Accounting Policies
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, the cost principles contained in Uniform Guidance.