Notes to SEFA
Title: NOTE 1 – 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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: St. Andrew's of Jennings Phase II Apartments has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal award activity of St. Andrew's of Jennings Phase II Apartments 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 operating of St. Andrew's of Jennings Phase II Apartments, and it is not intended to and does not present the financial position, changes in net assets, or cash flows of St. Andrew's of Jennings Phase II Apartments.
Title: NOTE 2 - 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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: St. Andrew's of Jennings Phase II Apartments has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: NOTE 3 – LOANS AND LOAN GUARANTEES
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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: St. Andrew's of Jennings Phase II Apartments has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
St. Andrew's of Jennings Phase II Apartments has received a U.S. Department of Housing and Urban Development Capital Advance under Section 202 of the National Housing Act. The balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. St. Andrew's of Jennings Phase II Apartments received no additional Capital Advances during the year. The balance of the Capital Advance at December 31, 2024 is $2,281,385.
Title: NOTE 4 – INDIRECT COST RATE
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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: St. Andrew's of Jennings Phase II Apartments has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
St. Andrew's of Jennings Phase II Apartments has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.