Title: Note 1 - Basis of Presentation
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards include the federal grant
activity of Mount Zion Garden Apartments, Inc. under programs for the federal government
for the year ended December 31, 2024 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). Because the
schedule presents only a selected portion of the operations of Mount Zion Garden
Apartments, Inc., it is not intended to and does not present the financial position, changes in
net assets, or cash flows of Mount Zion Garden Apartments, Inc.
De Minimis Rate Used: N
Rate Explanation: The Project has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards include the federal grant
activity of Mount Zion Garden Apartments, Inc. under programs for the federal government
for the year ended December 31, 2024 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). Because the
schedule presents only a selected portion of the operations of Mount Zion Garden
Apartments, Inc., it is not intended to and does not present the financial position, changes in
net assets, or cash flows of Mount Zion Garden Apartments, Inc.
Title: Note 2 - Indirect Cost Rate
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards include the federal grant
activity of Mount Zion Garden Apartments, Inc. under programs for the federal government
for the year ended December 31, 2024 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). Because the
schedule presents only a selected portion of the operations of Mount Zion Garden
Apartments, Inc., it is not intended to and does not present the financial position, changes in
net assets, or cash flows of Mount Zion Garden Apartments, Inc.
De Minimis Rate Used: N
Rate Explanation: The Project has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The Project has not elected to use the 10 percent de minimis indirect cost rate as allowed
under the Uniform Guidance.
Title: Note 3 - Loans Outstanding
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards include the federal grant
activity of Mount Zion Garden Apartments, Inc. under programs for the federal government
for the year ended December 31, 2024 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). Because the
schedule presents only a selected portion of the operations of Mount Zion Garden
Apartments, Inc., it is not intended to and does not present the financial position, changes in
net assets, or cash flows of Mount Zion Garden Apartments, Inc.
De Minimis Rate Used: N
Rate Explanation: The Project has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The U.S. Department of Housing and Urban Development Section 207, pursuant to 223(f)
Loan and the Flexible Subsidy Loan of Mount Zion Garden Apartments, Inc. had the
following balances outstanding at December 31, 2024 of $1,565,023 and $1,203,979, respectively.