Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Basis of presentation is in accordance with Uniform Guidance. Expenditures are reported on the accrual basis.
De Minimis Rate Used: N
Rate Explanation: The organization has no indirect costs
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Gibson Plaza, HUD Project No. 000-35440 under programs of the federal government, for the year ended December 31, 2023. 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 Gibson Plaza, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Gibson Plaza.
Title: Summary of Significant Accounting Policies
Accounting Policies: Basis of presentation is in accordance with Uniform Guidance. Expenditures are reported on the accrual basis.
De Minimis Rate Used: N
Rate Explanation: The organization has no indirect costs
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.