Title: NOTE A - BASIS OF PRESENTATION
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 OMB Guidance for Federal Financial Assistance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. EZRA TOWNER, SR. ESTATES has elected not to use the 10-percent de minimis indirect cost rate allowed under the OMB Guidance for Federal Financial Assistance.
De Minimis Rate Used: N
Rate Explanation: EZRA TOWNER, SR. ESTATES has elected not to use the 10-percent de minimis indirect cost rate allowed under the OMB Guidance for Federal Financial Assistance.
The accompanying schedule of expenditures of federal awards includes the federal award activity of EZRA TOWNER, SR. ESTATES 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 (OMB Guidance for Federal Financial Assistance). Because the Schedule presents only a selected portion of the operations of EZRA TOWNER, SR. ESTATES, it is not intended to and does not present the financial position, changes in net assets, or cash flows of EZRA TOWNER, SR. ESTATES.
Title: NOTE B - 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 the cost principles contained in the OMB Guidance for Federal Financial Assistance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. EZRA TOWNER, SR. ESTATES has elected not to use the 10-percent de minimis indirect cost rate allowed under the OMB Guidance for Federal Financial Assistance.
De Minimis Rate Used: N
Rate Explanation: EZRA TOWNER, SR. ESTATES has elected not to use the 10-percent de minimis indirect cost rate allowed under the OMB Guidance for Federal Financial Assistance.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the OMB Guidance for Federal Financial Assistance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. EZRA TOWNER, SR. ESTATES has elected not to use the 10-percent de minimis indirect cost rate allowed under the OMB Guidance for Federal Financial Assistance.
Title: NOTE C — U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT INSURED MORTGAGE
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 OMB Guidance for Federal Financial Assistance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. EZRA TOWNER, SR. ESTATES has elected not to use the 10-percent de minimis indirect cost rate allowed under the OMB Guidance for Federal Financial Assistance.
De Minimis Rate Used: N
Rate Explanation: EZRA TOWNER, SR. ESTATES has elected not to use the 10-percent de minimis indirect cost rate allowed under the OMB Guidance for Federal Financial Assistance.
EZRA TOWNER, SR. ESTATES received an insured mortgage from the U.S. Department of Housing and Urban Development under Section 207 pursuant to Section 223(f) of the National Housing Act, as amended. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. EZRA TOWNER, SR. ESTATES had one other HUD loan outstanding during the year (see Note D). The balance of the Section 207/223(f) insured mortgage outstanding at April 30, 2025 totaled $1,723,490.
Title: NOTE D — U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT SECTION 202 DIRECT LOAN
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 OMB Guidance for Federal Financial Assistance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. EZRA TOWNER, SR. ESTATES has elected not to use the 10-percent de minimis indirect cost rate allowed under the OMB Guidance for Federal Financial Assistance.
De Minimis Rate Used: N
Rate Explanation: EZRA TOWNER, SR. ESTATES has elected not to use the 10-percent de minimis indirect cost rate allowed under the OMB Guidance for Federal Financial Assistance.
EZRA TOWNER, SR. ESTATES received a direct loan from the U.S. Department of Housing and Urban Development under Section 202 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. EZRA TOWNER, SR. ESTATES had one other HUD loan outstanding during the year (see Note C). The balance of the Section 202 direct loan outstanding at April 30, 2025 totaled $106,859.