Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following cost principles contained in Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. Hays Plaza Apartments, LP and Plaza Apartments, Inc. have not elected to use the 10% de minimus cost rate as covered in 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) 200.414 Indirect (F&A) costs.
RURAL RENTAL HOUSING LOANS (10.415) - Balances outstanding at the end of the audit period were 1212682. Rural rental housing loans were distributed to Hays Plaza Apartments, LP. The funds were used to construct the rental units. The funds advanced are repayable to the U.S. Department of Agriculture Rural Development. The balance of the loan at December 31, 2022, was $1,212,682.
Title: General Statement
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following cost principles contained in Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. Hays Plaza Apartments, LP and Plaza Apartments, Inc. have not elected to use the 10% de minimus cost rate as covered in 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) 200.414 Indirect (F&A) costs.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Hays Plaza Apartments, LP and Plaza 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 Title 2 U.S. Code of Federal Regulations (CFR) 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, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Hays Plaza Apartments, LP and Plaza Apartments, Inc.