Notes to SEFA
Accounting Policies: Basis of Presentation
The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Casa Real I Apartments and is presented on the modified accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the basic financial statements.
Sub-recipients
During the year ended June 30, 2023,Casa Real I Apartments had no sub-recipients.
Federal Loans and Loan Guarantees
During the year ended June 30, 2023, Casa Real I Apartments had a HUD insured mortgage payable.
Federally Funded Insurance
During the year ended June 30, 2023, Casa Real I Apartments had no federally funded insurance.
Noncash Awards
During the year ended June 30, 2023, Casa Real I Apartments did not have any federal awards in the form of noncash assistance.
Indirect Cost Rate
The Uniform Guidance allows an organization to elect a 10% de minimus indirect cost rate. For the year ended June 30, 2023, the Casa Real I Apartments did not elect to use this rate.
De Minimis Rate Used: N
Rate Explanation: THE AUDITEE DID NOT USE THE DE MINIMIS COST RATE