Notes to SEFA
Title: NOTE A --BASIS OF PRESENTATION
Accounting Policies: NOTE B -- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported on the accrual basis of accounting as described inNote A to the financial statements. Such expenditures are recognized following the cost principlescontained in the Uniform Guidance, wherein certain types of expenditures are not allowable or arelimited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule) includes federal awardactivity of Dena Bank Apartments, Inc. (the "Project") under programs of the federal government for theyear ended December 31, 2022. The information in this Schedule is presented in accordance with therequirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform AdministrativeRequirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Becausethe Schedule presents only a selected portion of the operations of the Project, it is not intended to anddoes not present the financial position, changes in net assets, or cash flows of the Project.