Notes to SEFA
Title: U.S. Department of Housing and Urban Development Loan Program
Accounting Policies: 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 reimbursement.
De Minimis Rate Used: N
Rate Explanation: 10% De Minimis Cost Rate-Western North Carolina Community Apartments #1 did not elect to use the de minimis cost rate.
Western North Carolina Community Apartments #1 has received a U.S. Department of Housing and Urban Development capital advance under Section 811 of the National Housing Act. The CFDA Number 14.181 (Supportive Housing for Persons with Disabilities) amount of $1,274,800 represents the outstanding loan balance at June 30, 2022, the end of the audit period.
Title: Basis of Presentation
Accounting Policies: 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 reimbursement.
De Minimis Rate Used: N
Rate Explanation: 10% De Minimis Cost Rate-Western North Carolina Community Apartments #1 did not elect to use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards includes the federal award activity of Western North Carolina Community Apartments #1 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 Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the schedule presents only a selected portion of the operations of Western North Carolina Community Apartments #1, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Western North Carolina Community Apartments #1.