Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported in the Schedule are reported on an accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Gudiance, where in certain types of expenditures are not allowable or are limited as to reimbursement. Villa Madonna, Inc. has elected not to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Fudiance. Any disallowed claims, including amounts already received, might constitue as liability for the Corporation for the return of those funds. In the opinion of management, all grant expenditures were in compliance with the terms of grant agreements and applicable federal laws and regulations.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Villa Madonna, Inc. (the Corporation) and is prepared on the accrual basis of accounting. The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requriements for Federal Awards (Uniform Guidance). Because the schedule presents only a selected portion of he operations of the Corpoartion, it is not intended to, and does not, present the financial position, change in next assets, or cash flows of the Corporation.
Title: U.S. Department of Housing and Urban Development Capital Advance Porgram
Accounting Policies: Expenditures reported in the Schedule are reported on an accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Gudiance, where in certain types of expenditures are not allowable or are limited as to reimbursement. Villa Madonna, Inc. has elected not to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Fudiance. Any disallowed claims, including amounts already received, might constitue as liability for the Corporation for the return of those funds. In the opinion of management, all grant expenditures were in compliance with the terms of grant agreements and applicable federal laws and regulations.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The amount reported for Section 202 Supportive Housing for Elderly Program was the total amount of capital advances as of June 30, 2023 of $6,698,100. Villa Madonna, Inc. received no additional capital advance, or loan during the year.