Notes to SEFA
The accompanying schedule of expenditures of federal awards includes the federal award activity of Trinity Acres Housing Corporation, HUD Project No. 071-EH540, 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 Requirement, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Trinity Acres Housing Corporation, it is noted intended to and does not present the financial position, changes in net assets, or cash flows of Trinity Acres Housing Corporation.
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. Trinity Acres Housing Corporation has elected not to use the 15-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Corporation received a Capital Advance in 1992 in the amount of $2,813,400 under Assitance Listing No. 14.157, which requires the compliance with tenant eligibility restrictions for 40 years. The Corporation received a Capital Advance in 1992 in the amount of $2,813,400 under CFDA No. 14.157, which requires the compliance with tenant eligibility restrictions for 40 years.