Notes to SEFA
Title: NOTE C. U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOAN PROGRAM
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.Elizabeth H. Wright Apartments has elected not to use the 10 percent de minimis indirect cost rateas allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Elizabeth H. Wright Apartments has received a U.S. Department of Housing and UrbanDevelopment insured loan under Section 207 pursuant to 223(f) of the National Housing Act. Theloan balance outstanding at the beginning of the year is included in the federal expenditurespresented in the schedule. Elizabeth H. Wright Apartments received no additional loans during theyear. The balance of the loan outstanding at June 30, 2022 consists of:OutstandingAssistance Balance atListing Number Program Name June 30, 202214.134 Section 207 Pursuant to 223(f) Loan $ 1,274,660
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.Elizabeth H. Wright Apartments has elected not to use the 10 percent de minimis indirect cost rateas allowed 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 ofElizabeth H. Wright Apartments and is presented on the accrual basis of accounting. Theinformation in this schedule is presented in accordance with the requirements of Title 2 U.S. Codeof Federal Regulations 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 Elizabeth H. Wright Apartments, it is not intended to and doesnot present the financial position, changes in net assets, or cash flows of Elizabeth H. WrightApartments.