Notes to SEFA
Title: NOTE 11 – BASIS OF PRESENTATION
Accounting Policies: NOTE 12 – 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 Uniform Guidance wherein 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.
The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the federal grant and loan activity of PAHC Apartments, Inc. and Subsidiaries 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic consolidated financial statements. The purpose of the Schedule is to present a summary of those activities of PAHC Apartments, Inc. and Subsidiaries for the year ended December 31, 2024, which have been financed by the U.S. Government. For purposes of the Schedule, federal awards include all federal assistance entered into directly and indirectly between PAHC Apartments, Inc. and Subsidiaries and the federal government. PAHC Apartments, Inc. and Subsidiaries did not elect to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: NOTE 13 – PRIOR YEARS’ EXPENDITURES
Accounting Policies: NOTE 12 – 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 Uniform Guidance wherein 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.
The accompanying Schedule includes $1,824,845 in expenditures from prior years for which continuing compliance is required.
Title: NOTE 14 – YEAR-END LOAN BALANCES
Accounting Policies: NOTE 12 – 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 Uniform Guidance wherein 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.
See the Notes to the SEFA for chart/table