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. Metro Arms, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Metro Arms, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Metro Arms, Inc., 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 Metro Arms, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Metro Arms, Inc.
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. Metro Arms, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Metro Arms, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Metro Arms, Inc. had the following capital advance loan balance outstanding as of December 31, 2024: Program Title: Supportive Housing for the Elderly (Section 202 Capital Advance Grant); Assistance Listing Number: 14.157; Amount Outstanding: $737,800.