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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Project has elected not to use the 10% de minimis indirect cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Rainbow Apartments, a housing project of Gilman Housing Trust, Inc. d/b/a RuralEdge, (the Project) under programs of the federal government for the year ended December 31, 2024. The information in the Schedule is presented in accordance with Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (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: Loan Outstanding
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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Project has elected not to use the 10% de minimis indirect cost rate.
The Rural Development (RD) Multi-Family Housing Revitalization Demonstration Program (MPR) federal program includes USDA RD mortgage notes payable, deferred interest payable, and the annual USDA RD interest credits received. The outstanding USDA RD mortgage notes payable balance and deferred interest payable amounted to $1,073,286 as of December 31, 2024.