Notes to SEFA
Title: Note 1
Accounting Policies: Accrual basis of accounting in accordance with the requirements of Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Instead the Project has a HUD approved management agreement allowing a per unit per month fee to cover administrative fees.
The information on this schedule is prepared on the accrual basis of accounting in accordance with the requirements of the Uniform Guidance.
Title: Note 2
Accounting Policies: Accrual basis of accounting in accordance with the requirements of Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Instead the Project has a HUD approved management agreement allowing a per unit per month fee to cover administrative fees.
The balance of the loan at December 31, 2024 is $2,322,948.
Title: Note 3
Accounting Policies: Accrual basis of accounting in accordance with the requirements of Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Instead the Project has a HUD approved management agreement allowing a per unit per month fee to cover administrative fees.
The Project did not elect to use the ten (10) percent de minimis indirect cost rate as covered in Section 200.414 of the Uniform Guidance for Federal Awards. Instead of electing a ten (10) percent de minimis indirect cost rate, the Project has a HUD approved management agreement allowing a per unit per month fee to cover administrative fees as set forth in the agreement.