Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures arerecognized following the cost principles contained in the Uniform Guidance, wherein certain types ofexpenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Project has elected not to use the 10-percent de minims indirect cost rate allowed under UniformGuidance.
Genip Garden Apartments has received U.S. Department of Agriculture - Rural Development mortgages under Section 515 of the National Housing Act. The loans balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. Genip Gardens Apartments received no additional advances during the year. The balance of the loans payable at September 30, 2022 were $1279161.
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures arerecognized following the cost principles contained in the Uniform Guidance, wherein certain types ofexpenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Project has elected not to use the 10-percent de minims indirect cost rate allowed under UniformGuidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of St. Croix Elderly Housing, Inc.s Genip Gardens Apartments (Genip Gardens Apartments), under programs of the federal government for the year ended September 30, 2022. 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 Genip Gardens Apartments, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Genip Gardens Apartments.