Title: NOTE A – Basis of Presentation
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Gresham Hills, Inc., HUD Project No. 062-EE002, and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of OMB 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: The Project elected to not use the 10% de minimis cost rule.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Gresham Hills, Inc., HUD Project No. 062-EE002, and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of OMB 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 – U.S. Department of Housing and Urban Development
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Gresham Hills, Inc., HUD Project No. 062-EE002, and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of OMB 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: The Project elected to not use the 10% de minimis cost rule.
The outstanding balance of the Section 202 Capital Advance Program Mortgage Note Payable to the United States Department of Housing and Urban Development is $1,668,800.
Title: NOTE C – De Minimis Cost Rule
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Gresham Hills, Inc., HUD Project No. 062-EE002, and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of OMB 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: The Project elected to not use the 10% de minimis cost rule.
The Project elected to not use the 10% de minimis cost rule.