Notes to SEFA
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Flenniken Square Housing, LLC, HUD Project No. 087-11076, and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 of the 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 Flenniken Square Housing, LLC, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Flenniken Square Housing, LLC.
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. Flenniken Square Housing, LLC has elected not to use the 15-percent de minims indirect cost rate allowed under the Uniform Guidance.