Notes to SEFA
Title: 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. Negative amounts, if any, shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The entity does not utilize an indirect cost rate as it would not be applicable to the Capital advance and rental subsidy programs.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Spring Meadow Association of Responsible Tenants, Inc. under programs of the federal government for the year ended September 30, 2022. 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 Spring Meadow Association of Responsible Tenants, Inc., it is not intended to and does not present the financial position, changes in net assets or cash flows of Spring Meadow Association of Responsible Tenants, Inc.
Title: Capital advance 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. Negative amounts, if any, shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The entity does not utilize an indirect cost rate as it would not be applicable to the Capital advance and rental subsidy programs.
The HUD Capital Advance is presented at the original advance amount until the related compliance agreement has expired or has been terminated in accordance with the requirements of the Uniform Guidance. The balance outstanding at September 30, 2021, as shown above equals the balance outstanding at September 30, 2022.