Notes to SEFA
Title: Note A
Accounting Policies: Note B - Summary of Significant Accounting Policies - Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Carpenter Housing Development Fund Company, Inc. has elected not to use the 10-
percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Note A - Basis Of Presentation - The accompanying schedule of expenditures of federal awards includes the federal award activity of The Carpenter Housing Development Fund Co., Inc. (Carpenter Apartments), Project No. 014-EE136/NY06-S961-025, 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, Costs Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Carpenter Apartments, it is not intended to and does not present the financial position, changes in net deficit, or cash flows of Carpenter Apartments.
Title: Note B
Accounting Policies: Note B - Summary of Significant Accounting Policies - Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Carpenter Housing Development Fund Company, Inc. has elected not to use the 10-
percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Note B - Summary of Significant Accounting Policies - Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Carpenter Housing Development Fund Company, Inc. has elected not to use the 10-
percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: Note C
Accounting Policies: Note B - Summary of Significant Accounting Policies - Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Carpenter Housing Development Fund Company, Inc. has elected not to use the 10-
percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Note C - U.S Department of Housing and Urban Development Loan Program - The Carpenter Housing Development Fund Co., Inc. has received a U.S. Department of Housing and Urban Development 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. The Carpenter Housing Development Fund Co., Inc. received no additional loans during the year.