Notes to SEFA
Title: Note A – Basis of Presentation
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Baptist Towers of Plant City, Inc., dba Plant City Towers HUD Project No. 067-EH103, 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in, the preparation of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: Expenditures reported on this schedule are reported on the accrual basis of accounting. These expenditures are recognized following the cost principles contained in the Uniform Guidance, certain types of expenditures are not allowable or are limited regarding reimbursement. The Project elected to not use the 10% de minimis cost rule as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Baptist Towers of Plant City, Inc., dba Plant City Towers HUD Project No. 067-EH103, 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in, the preparation of the basic financial statements.
Title: Note B – Mortgage Note Outstanding
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Baptist Towers of Plant City, Inc., dba Plant City Towers HUD Project No. 067-EH103, 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in, the preparation of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: Expenditures reported on this schedule are reported on the accrual basis of accounting. These expenditures are recognized following the cost principles contained in the Uniform Guidance, certain types of expenditures are not allowable or are limited regarding reimbursement. The Project elected to not use the 10% de minimis cost rule as allowed under the Uniform Guidance.
The outstanding balance of the Section 202 Capital Advance Program Mortgage Note Payable to the United States Department of Housing and Urban Development is $371,764.