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.
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 the federal award activity of Sylvan Retreat Apartments, Inc., HUD Project No. 034-EE109-WAH, under programs of the federal government 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 Sylvan Retreat Apartments, Inc., it is not intended to and does not present the financial position, changes in net deficit, or cash flows of Sylvan Retreat Apartments, Inc.
Title: U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOAN PROGRAM
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.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Sylvan Retreat Apartments, Inc. has received loans under U.S. Department of Housing and Urban Development programs. The outstanding loan balances at the beginning of the year are included in federal expenditures presented in the Schedule. Sylvan Retreat Apartments, Inc. received no additional loans during the year. The outstanding loan balances at December 31, 2024 consist of: "See the Notes to the SEFA for chart/table".