Notes to SEFA
Title: NOTE 1 - 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. Green Hill Apartments,
De Minimis Rate Used: N
Rate Explanation: A Project of BGC -
II Nonprofit Housing Corporation has elected not to use the 10-percent de minimis indirect cost rate allowed
under Uniform Guidance for awards executed on or before September 30, 2024 and also has not elected to use
the 15-percent de minimis indirect cost rate allowed under Uniform Guidance for awards executed on or after
October 1, 2024.
The accompanying Schedule of Expenditures of Federal Awards includes the federal award activity of Green
Hill Apartments, A Project of BGC - II Nonprofit Housing Corporation, HUD Project No. 048-11059, 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 Green Hill Apartments, A Project of BGC - II Nonprofit Housing
Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash
flows of Green Hill Apartments, A Project of BGC - II Nonprofit Housing Corporation.
Title: NOTE 2 - 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. Green Hill Apartments,
De Minimis Rate Used: N
Rate Explanation: A Project of BGC -
II Nonprofit Housing Corporation has elected not to use the 10-percent de minimis indirect cost rate allowed
under Uniform Guidance for awards executed on or before September 30, 2024 and also has not elected to use
the 15-percent de minimis indirect cost rate allowed under Uniform Guidance for awards executed on or after
October 1, 2024.
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. Green Hill Apartments, A Project of BGC -
II Nonprofit Housing Corporation has elected not to use the 10-percent de minimis indirect cost rate allowed
under Uniform Guidance for awards executed on or before September 30, 2024 and also has not elected to use
the 15-percent de minimis indirect cost rate allowed under Uniform Guidance for awards executed on or after
October 1, 2024.
Title: NOTE 3 - U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOAN PROGRAM
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. Green Hill Apartments,
De Minimis Rate Used: N
Rate Explanation: A Project of BGC -
II Nonprofit Housing Corporation has elected not to use the 10-percent de minimis indirect cost rate allowed
under Uniform Guidance for awards executed on or before September 30, 2024 and also has not elected to use
the 15-percent de minimis indirect cost rate allowed under Uniform Guidance for awards executed on or after
October 1, 2024.
Green Hill Apartments, A Project of BGC - II Nonprofit Housing Corporation has received a U.S. Department of
Housing and Urban Development insured loan under Section 223(f) of the National Housing Act. The
loan balance outstanding at the beginning of the year is included in the federal expenditures presented
in the Schedule. Green Hill Apartments, A Project of BGC - II Nonprofit Housing Corporation received no
additional loans during the year. The balance of the loan outstanding at December 31, 2024 consists of: