Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards includes the federal award activity of River Park Apartments, Inc. and is presented on the accrual basis of accounting. 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 River Park Apartments, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of River Park Apartments, Inc.
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. River Park Apartments, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
River Park Apartments, Inc. has received a U.S. Department of Housing and Urban Development capital advance under Section 202 of the National Housing Act (ALN number 14.157). The capital advance with HUD obtained through the Supportive Housing for the Elderly program was recorded as a contribution from HUD due to terms described in the notes to the financial statements.