Title: NOTE 1
Accounting Policies: THIS SEFA WAS PREPARED ON THE ACCRUAL BASIS OF ACCOUNTING
De Minimis Rate Used: N
Rate Explanation: INDIRECT COST IS MORE THAN THE 10%
BASIS OF PRESENTATION
Title: NOTE 1
Accounting Policies: THIS SEFA WAS PREPARED ON THE ACCRUAL BASIS OF ACCOUNTING
De Minimis Rate Used: N
Rate Explanation: INDIRECT COST IS MORE THAN THE 10%
The accompanying schedule of expenditures of federal awards (the SEFA) summarizes the federal expenditures of the Project under programs of the federal government for the year ended September 30, 2023. The amount reported as federal expenditures were obtained from the Project’s general ledger. Because the SEFA presents only a selected portion of the operations of the Project, it is not intended to and does not present the financial position, changes in net assets and cash flows of the Project.
Title: NOTE 1
Accounting Policies: THIS SEFA WAS PREPARED ON THE ACCRUAL BASIS OF ACCOUNTING
De Minimis Rate Used: N
Rate Explanation: INDIRECT COST IS MORE THAN THE 10%
For purposes of the SEFA, federal awards include all grants, contracts, and similar agreements entered into directly with the federal government and other pass-through entities. The Project has obtained Catalog of Federal Domestic Assistance (Assistance Listing) numbers to ensure that all programs have been identified in the SEFA. Assistance Listing numbers have been appropriately listed by applicable programs. Federal programs with different Assistance Listing numbers that are closely related because they share common compliance requirements are defined as a cluster by the Uniform Guidance.
Title: NOTE 2
Accounting Policies: THIS SEFA WAS PREPARED ON THE ACCRUAL BASIS OF ACCOUNTING
De Minimis Rate Used: N
Rate Explanation: INDIRECT COST IS MORE THAN THE 10%
FEDERALLY FUNDED AND INSURED MORTGAGES
Title: NOTE 2
Accounting Policies: THIS SEFA WAS PREPARED ON THE ACCRUAL BASIS OF ACCOUNTING
De Minimis Rate Used: N
Rate Explanation: INDIRECT COST IS MORE THAN THE 10%
The mortgage balance is included int the federal expenditures presented in the Schedule. The balance of the outstanding insured mortgage on September 30, 2023, is $4,178,400.
Title: NOTE 3
Accounting Policies: THIS SEFA WAS PREPARED ON THE ACCRUAL BASIS OF ACCOUNTING
De Minimis Rate Used: N
Rate Explanation: INDIRECT COST IS MORE THAN THE 10%
BASIS OF ACCOUNTING
Title: NOTE 3
Accounting Policies: THIS SEFA WAS PREPARED ON THE ACCRUAL BASIS OF ACCOUNTING
De Minimis Rate Used: N
Rate Explanation: INDIRECT COST IS MORE THAN THE 10%
This SEFA was prepared on the accrual basis of accounting.
Title: NOTE 4
Accounting Policies: THIS SEFA WAS PREPARED ON THE ACCRUAL BASIS OF ACCOUNTING
De Minimis Rate Used: N
Rate Explanation: INDIRECT COST IS MORE THAN THE 10%
NONCASH ASSISTANCE
Title: NOTE 4
Accounting Policies: THIS SEFA WAS PREPARED ON THE ACCRUAL BASIS OF ACCOUNTING
De Minimis Rate Used: N
Rate Explanation: INDIRECT COST IS MORE THAN THE 10%
The Project did not receive any federal noncash assistance for the year ending September 30, 2023.
Title: NOTE 5
Accounting Policies: THIS SEFA WAS PREPARED ON THE ACCRUAL BASIS OF ACCOUNTING
De Minimis Rate Used: N
Rate Explanation: INDIRECT COST IS MORE THAN THE 10%
COST RATE
Title: NOTE 5
Accounting Policies: THIS SEFA WAS PREPARED ON THE ACCRUAL BASIS OF ACCOUNTING
De Minimis Rate Used: N
Rate Explanation: INDIRECT COST IS MORE THAN THE 10%
The Program elected not to use the 10% de minimis cost rate.