Notes to SEFA
Basis of Presentation
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 type of expenditures are not allowable or are limited as to reimbursement. Applewood Pointe Cooperative of Champlin has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
Applewood Pointe Cooperative of Champlin has received a U. S. Department of Housing and Urban Development loan under Section 213 of the National Housing Act. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. Applewood Pointe Cooperative of Champlin received no additional loans during the year. The balance of the loan outstanding at December 31, 2022 was $12723585.