Notes to SEFA
Title: 1. - BASIS OF PRESENTATION
Accounting Policies: Expenditures reported in 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 reimbursements.
De Minimis Rate Used: N
Rate Explanation: Acres Homes Gardens Apartments elected not to use the 10% de minimus indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Acres Homes Gardens Apartments, HUD Project No. l 14-HD031, 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 (CFR) Part 200, Unifonn Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Acres Homes Gardens Apartments, it is not intended to and does not present the financial position, changes in net assets or cash flows of Acres Homes Gardens Apartments.
Title: 2. - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported in 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 reimbursements.
De Minimis Rate Used: N
Rate Explanation: Acres Homes Gardens Apartments elected not to use the 10% de minimus indirect cost rate allowed under the Uniform Guidance.
Expenditures reported in 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 reimbursements.
Title: 3. - SECTION 811 CAPITAL ADVANCE
Accounting Policies: Expenditures reported in 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 reimbursements.
De Minimis Rate Used: N
Rate Explanation: Acres Homes Gardens Apartments elected not to use the 10% de minimus indirect cost rate allowed under the Uniform Guidance.
The Project received a loan under HUD's Sec 811 Capital Advance Program in 2009. The loan balance at the beginning of the year is included in the schedule of expenditures of federal awards. The Project has received no additional funds during the year. The loan balance at the end of the year is $1,977,300. The loan balance is included in net assets with donor restrictions in the statement of financial position.
Title: 4. - INDIRECT COST RATE
Accounting Policies: Expenditures reported in 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 reimbursements.
De Minimis Rate Used: N
Rate Explanation: Acres Homes Gardens Apartments elected not to use the 10% de minimus indirect cost rate allowed under the Uniform Guidance.
Acres Homes Gardens Apartments elected not to use the 10% de minimus indirect cost rate allowed under the Uniform Guidance.