Title: NOTE A - 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: Armenia-Eddy Apartments, Inc. has not elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal award activity of Armenia-Eddy Apartments, 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 Armenia-Eddy Apartments, Inc., it is not intended to and does not present the financial position, changes in net assets (deficit), or cash flows of Armenia-Eddy Apartments, Inc.
Title: NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: Armenia-Eddy Apartments, Inc. has not elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
Title: NOTE C - INDIRECT COST RATE
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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: Armenia-Eddy Apartments, Inc. has not elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Armenia-Eddy Apartments, Inc. has not elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: NOTE D - CAPITAL ADVANCE, NON-AMORTIZING MORTGAGE
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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: Armenia-Eddy Apartments, Inc. has not elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The Capital Advance, Non-Amortizing Mortgage is administered directly by Armenia-Eddy Apartments, Inc., and balances and transactions relating to this program are included in Armenia-Eddy Apartments, Inc.’s basic financial statements. The outstanding mortgage at the beginning of the year is included in the federal expenditures presented in the Schedule. The balance of the mortgage outstanding at December 31, 2024 is $1,174,700. As long as Armenia-Eddy Apartments, Inc. remains qualified under the U.S. Department of Housing and Urban Development, Supportive Housing for Persons with Disabilities (Section 811) program, repayment of the principal balance on the mortgage is deferred until final maturity in 2040. At that time, the mortgage will be forgiven.