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 Uniform Guidance, wherein certain types of expenditures
are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Ridgebury Apartments, Inc. has not elected to use the 15 percent de minimis indirect cost rate as allowed
under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity
of Ridgebury Apartments, Inc., HUD Project # 033-EE134, under programs of the federal government for the year
ended March 31, 2025. 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 Ridgebury Apartments, Inc., it is not intended to and does not present the financial position,
changes in net assets, or cash flows of Ridgebury Apartments, Inc.
Title: NOTE B SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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 Uniform Guidance, wherein certain types of expenditures
are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Ridgebury Apartments, Inc. has not elected to use the 15 percent de minimis indirect cost rate as allowed
under the Uniform Guidance.
(1) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures
are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures
are not allowable or are limited as to reimbursement.
(2) Ridgebury Apartments, Inc. has not elected to use the 15 percent de minimis indirect cost rate as allowed
under the Uniform Guidance. (3) Balances of loans and loan guarantee programs outstanding at the end of the audit period for loans under
2 CFR Section 200.502(b) are as follows:
- HUD Capital Advance Program $5,035,207