Title: NOTE A – Basis of Presentation
Accounting Policies: NOTE A – Basis of Presentation
The Schedule of Expenditures of Federal Awards (Schedule) includes the federal grant activity of Spring Lake Presbyterian Housing Corporation d/b/a Evergreen Village Apartments., FHA Project No. 047-11325 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 the Project, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Project.
NOTE B – Summary of Significant 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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The Schedule of Expenditures of Federal Awards (Schedule) includes the federal grant activity of Spring Lake Presbyterian Housing Corporation d/b/a Evergreen Village Apartments., FHA Project No. 047-11325 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 the Project, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Project.
Title: NOTE B – Summary of Significant Accounting Policies
Accounting Policies: NOTE A – Basis of Presentation
The Schedule of Expenditures of Federal Awards (Schedule) includes the federal grant activity of Spring Lake Presbyterian Housing Corporation d/b/a Evergreen Village Apartments., FHA Project No. 047-11325 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 the Project, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Project.
NOTE B – Summary of Significant 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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10% 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 principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
The Project has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: NOTE C – U.S. Department of Housing and Urban Development Loan Program
Accounting Policies: NOTE A – Basis of Presentation
The Schedule of Expenditures of Federal Awards (Schedule) includes the federal grant activity of Spring Lake Presbyterian Housing Corporation d/b/a Evergreen Village Apartments., FHA Project No. 047-11325 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 the Project, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Project.
NOTE B – Summary of Significant 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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Spring Lake Presbyterian Housing Corporation d/b/a Evergreen Village Apartments FHA Project No. 047-11325 has received U.S. Department of Housing and Urban Development mortgage insurance under Section 207 pursuant to Section 223(f) of the National Housing Act. The mortgage proceeds provided during the year are included in the federal expenditures presented in the Schedule. In August 2024, the Project refinanced their mortgage. The proceeds received from the new U.S Department of Housing and Urban Development insured mortgage totaled $5,580,800. The outstanding mortgage balance at March 31, 2025, consisted of:
CFDA Number Program Name Balance
14.155 Section 207/223(f) – Mortgage Insurance for Refinancing of Existing Multifamily Rental Housing $ 5,555,438