Title: Note 1 - Basis of Presentation
Accounting Policies: The schedule of expenditures of federal awards includes the federal grant activity of Lyons
Place Limited Partnership, HUD Project No. 046-EE078, and is presented on the accrual
basis accounting. This information in this schedule is presented in accordance with the
requirements of Title 2 U.S. Code of Federal regulations (CFR) 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 financial statements.
De Minimis Rate Used: Y
Rate Explanation: See note 2
The schedule of expenditures of federal awards includes the federal grant activity of Lyons
Place Limited Partnership, HUD Project No. 046-EE078, and is presented on the accrual
basis accounting. This information in this schedule is presented in accordance with the
requirements of Title 2 U.S. Code of Federal regulations (CFR) 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 financial statements.
Title: NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The schedule of expenditures of federal awards includes the federal grant activity of Lyons
Place Limited Partnership, HUD Project No. 046-EE078, and is presented on the accrual
basis accounting. This information in this schedule is presented in accordance with the
requirements of Title 2 U.S. Code of Federal regulations (CFR) 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 financial statements.
De Minimis Rate Used: Y
Rate Explanation: See note 2
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 OMB
Circular A-122, “Cost Principles for Non-Profit Organizations” and the cost principles
contained in the Uniform Guidance.
Lyons Place Limited Partnership. has elected not to use the 10 percent de minimus indirect
cost rate as allowed under the Uniform Guidance.
Title: NOTE 3 – CAPITAL ADVANCE PROGRAM
Accounting Policies: The schedule of expenditures of federal awards includes the federal grant activity of Lyons
Place Limited Partnership, HUD Project No. 046-EE078, and is presented on the accrual
basis accounting. This information in this schedule is presented in accordance with the
requirements of Title 2 U.S. Code of Federal regulations (CFR) 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 financial statements.
De Minimis Rate Used: Y
Rate Explanation: See note 2
Lyons Place Limited Partnership has received a capital grant advance under the U.S.
Department of Housing and Urban Development’s Supportive Housing for the Elderly
Section 202 Capital Advance Program. The capital advance is treated as a loan program for
reporting federal expenditures. The capital advance in the original amount of $4,847,800 was
originally issued on August 31, 2013, not in the current year. Refer to Note 4 in the Notes to
the Financial Statements for additional disclosures regarding the capital advance. The
balance of the capital advance outstanding at December 31, 2024 was $4,847,800.