Notes to SEFA
Title: Note 1 - Basis of presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following, as applicable, the cost principles contained in the Uniform
Guidance.
De Minimis Rate Used: Y
Rate Explanation: College Town Apartments has elected not to use the 10-percent de minimis indirect cost rate
allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the
federal award activity of College Town Apartments, HUD Project No. 136-11047, under programs of
the federal government for the year ended December 31, 2024 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 College Town Apartments, it is not intended to and does not present the financial
position, changes in net assets, or cash flows of College Town Apartments. For the year ended
December 31, 2024, no awards were passed through to subrecipients.
Title: Note 2 - 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, as applicable, the cost principles contained in the Uniform
Guidance.
De Minimis Rate Used: Y
Rate Explanation: College Town Apartments has elected not to use the 10-percent de minimis indirect cost rate
allowed under the Uniform Guidance.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following, as applicable, the cost principles contained in the Uniform
Guidance.
Title: Note 3 - Indirect cost rate
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following, as applicable, the cost principles contained in the Uniform
Guidance.
De Minimis Rate Used: Y
Rate Explanation: College Town Apartments has elected not to use the 10-percent de minimis indirect cost rate
allowed under the Uniform Guidance.
College Town Apartments has elected not to use the 10-percent de minimis indirect cost rate
allowed under the Uniform Guidance.
Title: Note 4 - U.S. Department of Housing and Urban Development loan program
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following, as applicable, the cost principles contained in the Uniform
Guidance.
De Minimis Rate Used: Y
Rate Explanation: College Town Apartments has elected not to use the 10-percent de minimis indirect cost rate
allowed under the Uniform Guidance.
College Town Apartments has received a U.S. Department of Housing and Urban Development
direct loan under Section 223(f) of the National Housing Act. The loan balance outstanding at the
beginning of the year is included in the federal expenditures presented in the Schedule. College
Town Apartments received no additional loans during the year. The balance of the loan outstanding
at December 31, 2024 consists of:
CFDA Number Program Name Outstanding Balance at December 31, 2024
14.155 Section 223(f) - Insured Loan $ 3,069,485