Notes to SEFA
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting in accordance with GAAP. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
PRC obtained from HUD a guarantee of its mortgage payable. The outstanding balance of the mortgage at December 31, 2024 was $3,174,715.
De Minimis Rate Used: N
Rate Explanation: PRC has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.