Notes to SEFA
Title: NOTE A – Basis of Presentation
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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Berkshire Community Apartments, Inc. has elected not to use the ten percent de minimis indirect cost rate allowed under the Uniform Guidance
The schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Berkshire Community 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 Berkshire Community Apartments, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Berkshire Community Apartments, Inc.
Title: NOTE B – Summary of Significant Accounting Policies
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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Berkshire Community Apartments, Inc. has elected not to use the ten percent de minimis indirect cost rate allowed under the Uniform Guidance
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.
Title: NOTE C – Indirect Cost Rate
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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Berkshire Community Apartments, Inc. has elected not to use the ten percent de minimis indirect cost rate allowed under the Uniform Guidance
Berkshire Community Apartments, Inc. has elected not to use the ten percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: NOTE D – U.S. Department of Housing and Urban Development Capital Advance Program
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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Berkshire Community Apartments, Inc. has elected not to use the ten percent de minimis indirect cost rate allowed under the Uniform Guidance
Berkshire Community Apartments, Inc. has received a U.S. Department of Housing and Urban Development capital advance under Section 811 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. Berkshire Community Apartments, Inc. received no additional advances during the year. The balance of the capital advance under CFDA #14.181 - Section 811 Capital Advance was $1,501,900 at June 30, 2023.