Notes to SEFA
Accounting Policies: Basis of presentation The accompany schedule of expenditures of Federal Awards includes the Federal Grant activity of T.E. Brown Apartments HUD Project No. 071-11143 and is presented on the accrual basis of accounting. The information in the 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 T.E. Brown Apartments, it is not intended to and does not present the financial position, changes in net assets or cash flows of T.E. Brown Apartments.Summary of significant accounting policies 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 reimbursements.Subrecipient monitoring T.E. Brown Apartment HUD Project No 071-11143 has no subrecipients. Major Program Threshold The threshold for determination of major program status is $750,000
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.