Notes to SEFA
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 limited as to reimbursement. Accessible Apartments of Newport News, Inc. has elected not to use the 10 percent de minimus indirect costs rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Accessible Apartments of Newport News, Inc. and is presented on the accrual basis of accounting. 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. Because the Schedule presents only a selected portion of the operations of Accessible Apartments of Newport News, Inc. it is not intended to and does not present the financial position, changes in net assets, or cash flows of Accessible Apartments of Newport News, Inc.