Notes to SEFA
Accounting Policies: 1. The accompanying schedule of Federal Awards includes the Federal Award activity of Sycamore Place II Senior Housing Corporation under programs of the Federal Government for the year ended June 30, 2023. 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 Requirements for Federal Awards (Uniform Guidance). 2. The accrual basis of accounting is used for expenditures of Federal Awards. 3. $4,883,900 Housing for the Elderly Loan on July 1, 2004, due to the U.S. Department of Housing & Urban Development (HUD), 0% interest, due September 1, 2045 continuing tenant eligibility requirements. $810,421 HOME loan on July 1, 2004, 3% interest, due July 1, 2060 County of Contra Costa, continuing tenant eligibility requirements.
De Minimis Rate Used: N
Rate Explanation: Sycamore Place II Senior Housing Corporation has elected not to use the 10% de minimus indirect cost rate allowed under the Uniform Guidance.