Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Note 2 in FS - Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, 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: The Corporation has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Note 1 in FS - The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal
award activity of Bellerose Senior Housing Development Fund Company, Inc., FHA Project
No. 012-EH661 (the Corporation) 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 the Corporation, it is not intended to and does
not present the financial position, changes in net assets, or cash flows of the Corporation.