Notes to SEFA
Title: NOTE C. U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT CAPITAL ADVANCE PR
Accounting Policies: NOTE B. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures 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.Regency Woods Apartments has elected not to use the 10 percent de minimis indirect cost rate asallowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Regency Woods Apartments has received a U.S. Department of Housing and Urban Developmentcapital advance under Section 202 of the National Housing Act. The balance outstanding at thebeginning of the year is included in the federal expenditures presented in the schedule. RegencyWoods Apartments received no additional advances during the year. The balance of the capitaladvance outstanding at June 30, 2022 consists of:OutstandingBalance atAssistanceListing Number Program Name June 30, 202214.157 Section 202 Capital Advance $ 1,749,300
Title: NOTE A. BASIS OF PRESENTATION
Accounting Policies: NOTE B. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures 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.Regency Woods Apartments has elected not to use the 10 percent de minimis indirect cost rate asallowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards includes the federal award activity ofRegency Woods Apartments and is presented on the accrual basis of accounting. The informationin this schedule is presented in accordance with the requirements of Title 2 U.S. Code of FederalRegulations Part 200, Uniform Administrative Requirements, Cost Principles, and AuditRequirements for Federal Awards (Uniform Guidance). Because the Schedule presents only aselected portion of the operations of Regency Woods Apartments, it is not intended to and does notpresent the financial position, changes in net assets, or cash flows of Regency Woods Apartments.