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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented where available. No election has been made regarding the 10% de minimis indirect cost rate.
De Minimis Rate Used: N
Rate Explanation: No election has been made regarding the 10% de minimis indirect cost rate.
1) The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of Alpha Properties 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 the Uniform Guidance. Therefore, some amounts presented in the schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. Because the schedule presents only a selected portion of the operations of Alpha Properties, it is not intended to and does not present the financial position, changes in net assets or cash flows of Alpha Properties.
Title: 2)
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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented where available. No election has been made regarding the 10% de minimis indirect cost rate.
De Minimis Rate Used: N
Rate Explanation: No election has been made regarding the 10% de minimis indirect cost rate.
1) Alpha Properties, Inc. provided no federal awards to subrecipients.
Title: 3)
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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented where available. No election has been made regarding the 10% de minimis indirect cost rate.
De Minimis Rate Used: N
Rate Explanation: No election has been made regarding the 10% de minimis indirect cost rate.
3) Alpha Properties, Inc. Section 223(f) HUD-insured mortgage balance as of September 31, 2024 is
$575,192.