Title: 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.
De Minimis Rate Used: Y
Rate Explanation: M. Carter Plaza has elected to use the 10-percent de minimis indirect cost rate, as allowed under the Uniform Guidance. However, during the year ended June 30, 2023, there were no indirect costs charged to federal awards
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of M. Carter Plaza under programs of the federal government for the year ended June 30, 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 (the Uniform Guidance). Because the Schedule presents only a selected portion of the operations of M. Carter Plaza, it is not intended to and does not present the financial position, changes in net assets, or cash flows of M. Carter Plaza.
For purposes of the Schedule, federal awards include all grants, contracts, and similar agreements entered into directly between M. Carter Plaza and agencies and departments of the Federal Government and all sub-awards to the organization by non-federal organizations pursuant to federal grants, contracts and similar agreements.
Title: 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.
De Minimis Rate Used: Y
Rate Explanation: M. Carter Plaza has elected to use the 10-percent de minimis indirect cost rate, as allowed under the Uniform Guidance. However, during the year ended June 30, 2023, there were no indirect costs charged to federal awards
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.
Title: Indirect Cost Rate
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.
De Minimis Rate Used: Y
Rate Explanation: M. Carter Plaza has elected to use the 10-percent de minimis indirect cost rate, as allowed under the Uniform Guidance. However, during the year ended June 30, 2023, there were no indirect costs charged to federal awards
M. Carter Plaza has elected to use the 10-percent de minimis indirect cost rate, as allowed under the Uniform Guidance. However, during the year ended June 30, 2023, there were no indirect costs charged to federal awards.
Title: Loan Programs
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.
De Minimis Rate Used: Y
Rate Explanation: M. Carter Plaza has elected to use the 10-percent de minimis indirect cost rate, as allowed under the Uniform Guidance. However, during the year ended June 30, 2023, there were no indirect costs charged to federal awards
The U.S. Department of Housing and Urban Development has issued notes and mortgages to M. Carter Plaza in connection with certain capital advances. These notes and mortgages have 40 to 55-year terms. M. Carter Plaza is not required to repay principal or interest and the notes are forgiven at maturity, as long as the organization provides housing for the designated class of people in accordance with applicable HUD requirements.
Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule of Expenditures of Federal Awards. The following summarizes the organization’s loan program-related activities for the year ended June 30, 2023:
See the Notes to the SEFA for chart/table