Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are presented on the accrual basis of accounting under accounting principles generally accepted in the United States of America. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (“CFR”) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in, the preparation of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: Harborside Apartments, Inc. did not elect to use the ten percent de-minimis cost rate.
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Harborside Apartments, Inc. for the year ended December 31, 2024. 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 Audit Requirements for Federal Awards (“Uniform Guidance”). Because the Schedule presents only a selected portion of the operations of Harborside Apartments, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Harborside Apartments, Inc.
Title: Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the Schedule are presented on the accrual basis of accounting under accounting principles generally accepted in the United States of America. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (“CFR”) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in, the preparation of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: Harborside Apartments, Inc. did not elect to use the ten percent de-minimis cost rate.
Expenditures reported on the Schedule are presented on the accrual basis of accounting under accounting principles generally accepted in the United States of America. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (“CFR”) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in, the preparation of the basic financial statements.
Harborside Apartments, Inc. did not elect to use the ten percent de-minimis cost rate.
Title: Outstanding Loan Programs
Accounting Policies: Expenditures reported on the Schedule are presented on the accrual basis of accounting under accounting principles generally accepted in the United States of America. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (“CFR”) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in, the preparation of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: Harborside Apartments, Inc. did not elect to use the ten percent de-minimis cost rate.
Harborside Apartments, Inc. had the following loan balance outstanding at December 31, 2024. Loans made during the year, if any, are also included in the Schedule of Expenditures of Federal Awards.