Notes to SEFA
Title: NOTE C – LOAN PROGRAM BALANCES OUTSTANDING
Accounting Policies: NOTE A - BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards includes the federal award activity of
Richard S. Lieb Senior Apartments, Inc., HUD Project No. 121-EE158-NP-WAH and is presented on the
accrual basis of accounting. 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 Richard S. Lieb Senior
Apartments, Inc., it is not intended to and does not present the financial position, changes in net assets, or
cash flows of Richard S. Lieb Senior Apartments, Inc.
NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures
are recognized following the cost principles contained in Uniform Guidance, where 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.
Loan balances outstanding as of December 31, 2024 are as follows:
Capital Advance Program Mortgage $2,794,900
HOME Investments Partnership Program Loan $783,645