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: The Project has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of Lutheran Garden Apartments, Inc.’s Bougainvillea Gardens Apartments (Bougainvillea Gardens Apartments), Project Number 056-HD-023, under programs of the federal government for the year ended September 30, 2024. 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 Bougainvillea Gardens Apartments, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Bougainvillea Gardens 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: The Project has not elected to use the 10-percent de minimis indirect cost rate 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 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: The Project has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Project has elected not to use the 10-percent de minimis indirect cost rate allowed under Uniform Guidance.
Title: NOTE 4 U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOAN
PROGRAM
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: The Project has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Bougainvillea Garden Apartments has received a U.S. Department of Housing and Urban Development Capital Advance under Section 811 of the National Housing Act. The capital advance balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. Bougainvillea Gardens Apartments received no additional advances during the year. The balance of the capital advance outstanding at September 30, 2024, consists of: ALN# 14.181 Program: Section 811 Direct Loan-Balance: $1,584,500.