Notes to SEFA
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of St. Croix Elderly Housing, Inc.’s Genip Gardens Apartments (Genip Gardens Apartments), under programs of the federal government for the year ended September 30, 2025. 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 Genip Gardens Apartments, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Genip Gardens Apartments.
The accounting and reporting policies of the Project are set forth below: a. Basis of Presentation: The accompanying Schedule of Expenditures of Federal Awards is presented on the accrual basis of accounting. b. Basis of Accounting: The financial statements of the Project are presented using the accrual basis of accounting. The Project’s accounting system provides the primary information used to prepare the Schedule. c. 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.
The Project has elected not to use the 10-percent de minims indirect cost rate allowed under Uniform Guidance.
Genip Garden Apartments has received U.S. Department of Agriculture – Rural Development mortgages under Section 515 of the National Housing Act. The loans balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. Genip Gardens Apartments received no additional advances during the year. The balance of the loan payable at September 30, 2025, was $1,213,760.