Title: Note 3: Awards for Sub-Recipients
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Silent Cooperative Apartments, Inc. under programs of the federal government for the year ended December 31, 2022. The information in this Schedule is presented in accordance with the requirements of the 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 Silent Cooperative Apartments, Inc., it is not intended to and does not present the financial position, changes in net deficit or cash flows of Silent Cooperative Apartments, Inc.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. 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. Pass-through entity identifying numbers are presented where available. The Cooperative has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Cooperative does not have sub-recipients of federal awards.
Title: Note 4: Non-Cash Assistance
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Silent Cooperative Apartments, Inc. under programs of the federal government for the year ended December 31, 2022. The information in this Schedule is presented in accordance with the requirements of the 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 Silent Cooperative Apartments, Inc., it is not intended to and does not present the financial position, changes in net deficit or cash flows of Silent Cooperative Apartments, Inc.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. 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. Pass-through entity identifying numbers are presented where available. The Cooperative has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Cooperative did not receive any non-cash assistance.
Title: Note 5: Insurance
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Silent Cooperative Apartments, Inc. under programs of the federal government for the year ended December 31, 2022. The information in this Schedule is presented in accordance with the requirements of the 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 Silent Cooperative Apartments, Inc., it is not intended to and does not present the financial position, changes in net deficit or cash flows of Silent Cooperative Apartments, Inc.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. 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. Pass-through entity identifying numbers are presented where available. The Cooperative has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
Silent Cooperative, Inc., HUD Project No. 071-11141 did not receive any insurance assistance.
Title: Note 6: Loan and Loan Guarantees
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Silent Cooperative Apartments, Inc. under programs of the federal government for the year ended December 31, 2022. The information in this Schedule is presented in accordance with the requirements of the 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 Silent Cooperative Apartments, Inc., it is not intended to and does not present the financial position, changes in net deficit or cash flows of Silent Cooperative Apartments, Inc.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. 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. Pass-through entity identifying numbers are presented where available. The Cooperative has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
Silent Cooperative, Inc., HUD Project No. 071-11141 did not receive any additional loans or loan guarantees during the year ended December 31, 2022. Loans outstanding at the end of 2022 were $4,873,704.