Notes to SEFA
Title: Note 1 - Basis of presentation
Accounting Policies: Note 2 - Summary of significant accounting policiesExpenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following, as applicable, the cost principles contained in the UniformGuidance. Catherine Booth Garden Apartments has elected not to use the 10-percent de minimisindirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards includes the federal award activityof Catherine Booth Garden Apartments, HUD Project No. 053-EE13, under programs of the federalgovernment for the year ended September 30, 2022. The information in this schedule is presentedin accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, UniformAdministrative Requirements, Cost Principles, and Audit Requirements for Federal Awards("Uniform Guidance"). Because the Schedule presents only a selected portion of the operations ofCatherine Booth Garden Apartments, it is not intended to and does not present the financialposition, changes in net assets, or cash flows of Catherine Booth Garden Apartments.
Title: Note 3 - U.S. Department of Housing and Urban Development capital advance p
Accounting Policies: Note 2 - Summary of significant accounting policiesExpenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following, as applicable, the cost principles contained in the UniformGuidance. Catherine Booth Garden Apartments has elected not to use the 10-percent de minimisindirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Catherine Booth Garden Apartments has received a U.S. Department of Housing and UrbanDevelopment direct capital advance under Section 202 of the National Housing Act. The capital advance balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. Catherine Booth Garden Apartments received no additional loans or capital advances during the year. The balance of the capital advance outstanding at September 30, 2022 consists of:AL Number Program NameOutstandingBalance atSeptember 30,202214.157 Section 202 Capital Advance $ 7 ,116,400