Notes to SEFA
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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Margate Terrace Corporation has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Margate Terrace Corporation 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 Margate Terrace Corporation 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 Margate Terrace Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Margate Terrace Corporation.
Title: NOTE C – U.S. Department of Housing and Urban Development Loan Program
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. Margate Terrace Corporation has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Margate Terrace Corporation has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Margate Terrace Corporation has received a U.S. Department of Housing and Urban Development mortgage under Section 207, pursuant to Section 223(f) of the National Housing Act. The mortgage balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. Margate Terrace Corporation received no additional mortgage during the year. The balance of the mortgage outstanding at June 30, 2024 consists of: Federal Assistance Listing Number - 14.155; Program Name - Mortgage Insurance for the purchase or refinancing of existing Multifamily Housing Projects; Outstanding Balance at June 30 2024 - $5658528