Title: NOTE A – BASIS OF PRESENTATION
Accounting Policies: NOTE A – BASIS OF PRESENTATION
1. The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Regal Village Apartments and is presented of 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 Regal Village Apartments, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Regal Village Apartments.
2. In accordance with HUD guidelines, under the Project Based Rental Assistance program federal awards expended for the fiscal year equal subsidies received from HUD.
NOTE B – 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. Regal Village Apartments has elected not to use 10 percent de minis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Regal Village Apartments has elected not to use 10 percent de minis indirect cost rate as allowed under the Uniform Guidance.
1. The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Regal Village Apartments and is presented of 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 Regal Village Apartments, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Regal Village Apartments.
2. In accordance with HUD guidelines, under the Project Based Rental Assistance program federal awards expended for the fiscal year equal subsidies received from HUD.
Title: NOTE B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: NOTE A – BASIS OF PRESENTATION
1. The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Regal Village Apartments and is presented of 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 Regal Village Apartments, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Regal Village Apartments.
2. In accordance with HUD guidelines, under the Project Based Rental Assistance program federal awards expended for the fiscal year equal subsidies received from HUD.
NOTE B – 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. Regal Village Apartments has elected not to use 10 percent de minis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Regal Village Apartments has elected not to use 10 percent de minis indirect cost rate as allowed under the Uniform Guidance.
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. Regal Village Apartments has elected not to use 10 percent de minis indirect cost rate as allowed under the Uniform Guidance.
Title: NOTE C – U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT CAPITAL ADVANCE PROGRAM
Accounting Policies: NOTE A – BASIS OF PRESENTATION
1. The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Regal Village Apartments and is presented of 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 Regal Village Apartments, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Regal Village Apartments.
2. In accordance with HUD guidelines, under the Project Based Rental Assistance program federal awards expended for the fiscal year equal subsidies received from HUD.
NOTE B – 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. Regal Village Apartments has elected not to use 10 percent de minis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Regal Village Apartments has elected not to use 10 percent de minis indirect cost rate as allowed under the Uniform Guidance.
Regal Village Apartments has received a U.S. Department of Housing and Urban Development Capital Advance under Section 811 of the Cranston-Gonzalez National Housing Act. The note balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. Regal Village Apartments received no additional notes during this year. The balance of the note outstanding at January 31, 2025 consists of:
Assistance
Listing Number
Program Name Outstanding
Balance at
January 31, 2025
14.181 Supportive Housing for Persons with Disabilities (Section 811) Capital Advance Program $1,381,600