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 OMB Circular A-122, Cost Principles for Not-for-Profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The project is not required to allocate indirect costs.
De Minimis Rate Used: N
Rate Explanation: N/A
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Birmingham Green Assisted Living, Inc., HUD Project Number 000-EE057 (the Project), and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance. Because the Schedule presents only a selected portion of the operations of the Project, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Project.
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 OMB Circular A-122, Cost Principles for Not-for-Profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The project is not required to allocate indirect costs.
De Minimis Rate Used: N
Rate Explanation: N/A
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in OMB Circular A-122, Cost Principles for Not-for-Profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The project is not required to allocate indirect costs.