Notes to SEFA
Title: NOTE A - BASIS OF PRESENTATION
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal award activity of Main Street
Apartments, Inc., HUD Project No. 121-EE129, 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 (Uniform Guidance). Because the Schedule presents only a selected
portion of the operations of Main Street Apartments, Inc., it is not intended to and does not present the
financial position, changes in net assets, or cash flows of Main Street Apartments, Inc.
De Minimis Rate Used: N
Rate Explanation: Main Street Apartments, Inc. 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 includes the federal award activity of Main Street
Apartments, Inc., HUD Project No. 121-EE129, 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 (Uniform Guidance). Because the Schedule presents only a selected
portion of the operations of Main Street Apartments, Inc., it is not intended to and does not present the
financial position, changes in net assets, or cash flows of Main Street Apartments, Inc.
Title: NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal award activity of Main Street
Apartments, Inc., HUD Project No. 121-EE129, 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 (Uniform Guidance). Because the Schedule presents only a selected
portion of the operations of Main Street Apartments, Inc., it is not intended to and does not present the
financial position, changes in net assets, or cash flows of Main Street Apartments, Inc.
De Minimis Rate Used: N
Rate Explanation: Main Street Apartments, Inc. 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 the cost principals contained in the Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. Main Street Apartments, Inc. has elected
not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.