Notes to SEFA
Accounting Policies: The accompanying schedule of Federal Awards includes the Federal Award activity of Brentwood 202 Senior Housing, Inc. 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 Guidance 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. $3,406,500 Housing for the Elderly Loan on October 1, 1996, due to the U.S. Department of Housing and Urban Development (HUD), 0% interest, due December 1, 2037, continuing tenant eligibility requirements. $400,000 CDBG & HOME loans on October 17, 1996, due June 30, 2047, continuing tenant eligibility requirements.
De Minimis Rate Used: N
Rate Explanation: Brentwood 202 Senior Housing, Inc. has elected not to use the 10% de minimus indirect cost rate allowed under the Uniform Guidance.