Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Note B – Summary of Significant 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 Office of Management
and Budget Uniform Administrative Requirements, Cost Principles, and Audit Requirements for
Federal Awards, wherein certain types of expenditures are not allowable or are limited as to
reimbursement.
De Minimis Rate Used: N
Rate Explanation: The entity elected not to use the de minimis cost rate
The accompanying schedule of expenditures of federal awards (the schedule) includes the federal
award activity of Cove Meadows Management Corporation 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 Cove Meadows Management Corporation, it is not intended to and does not present
the financial position, changes in net assets, or cash flows of Cove Meadows Management
Corporation.
Title: Federally Funded and Insured Mortages
Accounting Policies: Note B – Summary of Significant 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 Office of Management
and Budget Uniform Administrative Requirements, Cost Principles, and Audit Requirements for
Federal Awards, wherein certain types of expenditures are not allowable or are limited as to
reimbursement.
De Minimis Rate Used: N
Rate Explanation: The entity elected not to use the de minimis cost rate
The mortgage balance at the beginning of the year is included in the federal expenditures
presented in the Schedule. The balance of the outstanding federally insured mortgage at
December 31, 2024 is $7,257,550.