Notes to SEFA
Title: NOTE A - BASIS OF PRESENTATION
Accounting Policies: See note B
De Minimis Rate Used: N
Rate Explanation: See note B
The accompanying schedule of expenditures of federal awards (schedule) includes the federal award activity of Redbanks Regency Apartments, Inc. under programs of the federal government for the year ended June 30, 2023. 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 Redbanks Regency Apartments, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Redbanks Regency Apartments, Inc.
Title: NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: See note B
De Minimis Rate Used: N
Rate Explanation: See note B
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. Redbanks Regency Apartments, Inc. has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: NOTE C - U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOAN PROGRAM
Accounting Policies: See note B
De Minimis Rate Used: N
Rate Explanation: See note B
Redbanks Regency Apartments, Inc. has received a U.S. Department of Housing and Urban Development direct loan under Section 202 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. Redbanks Regency Apartments, Inc. received no additional loans during the year. The balance of the loan outstanding at June 30, 2023 consists of: