Notes to SEFA
Title: CAPITAL ADVANCE
Accounting Policies: BASIS OF PRESENTATION: The accompaning schedule of expenditures of federal awards includes the federal grant activity of Kaplan Elderly Housing Corporation and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The elected not to use the de minimis rate
Included in federal expenditures is a $1,287,600 capital advance outstanding balance at March 31, 2023. See Note G to the financial statement for more details.
Title: INDIRECT COST RATE
Accounting Policies: BASIS OF PRESENTATION: The accompaning schedule of expenditures of federal awards includes the federal grant activity of Kaplan Elderly Housing Corporation and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The elected not to use the de minimis rate
Kaplan Housing Corporation, d/b/a St. Martin de Tours Apartments has elected not to use the 10% de minimis cost rate.