Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported in 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 reimburirsement. Villa Regina of West Palm Beach, Inc. has elected not to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Gudiance. Amounts received or recibable from grantor agencies are subject to audit and adjustment by those agencies. Any disallowed claims, including amoutns already received might constitute a liability of the Corporation for the return of those funds. In the opinion of management, all grant expenditures were in compliance with the terms of the 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 Regina of West Palm Beach, Inc. (the Corporation) and is prepared on the accrual basis of accounting. The information in the Schedule is presented in accordance with the requriements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Gudiance). Because the schedule presents only a selected portion of the operations of the Corpoariton, it is not intended to, and does not, present the financial position, change in net assets, or cash flows of the Corporation.
Title: U.S. Department of Housing and Urban Development Capital Advance Program
Accounting Policies: Expenditures reported in 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 reimburirsement. Villa Regina of West Palm Beach, Inc. has elected not to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Gudiance. Amounts received or recibable from grantor agencies are subject to audit and adjustment by those agencies. Any disallowed claims, including amoutns already received might constitute a liability of the Corporation for the return of those funds. In the opinion of management, all grant expenditures were in compliance with the terms of the 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 $11,616,000.