Title: Note A
Accounting Policies: NOTE A – BASIS OF PRESENTATION
The above schedule of expenditures of federal awards includes the federal grant activity of Lincoln School Senior Apartments, HUD Project No. 127-EE034 and 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); the financial statements have been prepared and presented based upon accounting principles generally accepted in the United States of America (US GAAP); therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements. Because the Schedule presents only a selected portion of the operations of Lincoln School Senior Apartments, it is not intended to and does not present the financial position, change in net assets, or cash flows of Lincoln School Senior Apartments.
NOTE B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Expenditures reported on the Schedule 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. Lincoln School Senior Apartments has elected not to use the ten percent (10%) de Minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Lincoln School Senior Apartments has elected not to use the ten percent (10%) de Minimis indirect cost rate allowed under the Uniform Guidance.
NOTE A – BASIS OF PRESENTATION
The above schedule of expenditures of federal awards includes the federal grant activity of Lincoln School Senior Apartments, HUD Project No. 127-EE034 and 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); the financial statements have been prepared and presented based upon accounting principles generally accepted in the United States of America (US GAAP); therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements. Because the Schedule presents only a selected portion of the operations of Lincoln School Senior Apartments, it is not intended to and does not present the financial position, change in net assets, or cash flows of Lincoln School Senior Apartments.
Title: Note B
Accounting Policies: NOTE A – BASIS OF PRESENTATION
The above schedule of expenditures of federal awards includes the federal grant activity of Lincoln School Senior Apartments, HUD Project No. 127-EE034 and 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); the financial statements have been prepared and presented based upon accounting principles generally accepted in the United States of America (US GAAP); therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements. Because the Schedule presents only a selected portion of the operations of Lincoln School Senior Apartments, it is not intended to and does not present the financial position, change in net assets, or cash flows of Lincoln School Senior Apartments.
NOTE B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Expenditures reported on the Schedule 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. Lincoln School Senior Apartments has elected not to use the ten percent (10%) de Minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Lincoln School Senior Apartments has elected not to use the ten percent (10%) de Minimis indirect cost rate allowed under the Uniform Guidance.
NOTE B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Expenditures reported on the Schedule 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. Lincoln School Senior Apartments has elected not to use the ten percent (10%) de Minimis indirect cost rate allowed under the Uniform Guidance.
Title: Note C
Accounting Policies: NOTE A – BASIS OF PRESENTATION
The above schedule of expenditures of federal awards includes the federal grant activity of Lincoln School Senior Apartments, HUD Project No. 127-EE034 and 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); the financial statements have been prepared and presented based upon accounting principles generally accepted in the United States of America (US GAAP); therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements. Because the Schedule presents only a selected portion of the operations of Lincoln School Senior Apartments, it is not intended to and does not present the financial position, change in net assets, or cash flows of Lincoln School Senior Apartments.
NOTE B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Expenditures reported on the Schedule 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. Lincoln School Senior Apartments has elected not to use the ten percent (10%) de Minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Lincoln School Senior Apartments has elected not to use the ten percent (10%) de Minimis indirect cost rate allowed under the Uniform Guidance.
Assistance Listing Number 14-239 - HOME Loan Mortgage Note
Lincoln School Senior Apartments has received a U.S. Department of Housing and Urban Development HOME Loan through the Snohomish County Office of Housing and Community Development under the HOME Investment Partnership Program. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule.