Notes to SEFA
Title: U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOAN PROGRAM
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal award activity of Northfield Apartments, Inc., HUD Project No. 102HD006CMI, 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).
De Minimis Rate Used: N
Rate Explanation: Northfield Apartments, Inc. did not elect to use the 10% de minimus indirect cost rate as allowed under Section 200.414(f) of the Uniform Guidance.
Northfield Apartments, Inc. has received a U.S. Department of Housing and Urban Development direct loan under Section 811 of the National Housing Act. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the schedule. Northfield Apartments, Inc. received no additional loans during the year. The balance of the loan outstanding at June 30, 2023 consisted of:
Federal Assistance Listing Number
Program Name Outstanding Balance at
June 30, 202314.181 Section 811 Capital Advance $ 834,900
Title: OTHER EXPENDITURES
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal award activity of Northfield Apartments, Inc., HUD Project No. 102HD006CMI, 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).
De Minimis Rate Used: N
Rate Explanation: Northfield Apartments, Inc. did not elect to use the 10% de minimus indirect cost rate as allowed under Section 200.414(f) of the Uniform Guidance.
The Organization did not receive any federal awards in the form of noncash assistance, insurance, loans, or loan guarantees and incurred no expenditures in relation thereof for the year ended June 30, 2023.