Notes to SEFA
Title: SUBRECIPIENTS
Accounting Policies: The accompanying schedule of expenditures of federal awards is a summary of the activity of the Villages federal award programs presented on the modified accrual basis of accounting in accordance with generally accepted accounting principles. Accordingly, revenues are recognized when the qualifying expenditure has been incurred and expenditures have been recognized when the fund liability has been incurred.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The Village provided federal awards to subrecipients from the Community Development BlockGrant in the amount of $97,178 and from the Community Development Block Grant - CV in theamount of $133,446 for the fiscal year ending December 31, 2022.
Title: OTHER INFORMATION
Accounting Policies: The accompanying schedule of expenditures of federal awards is a summary of the activity of the Villages federal award programs presented on the modified accrual basis of accounting in accordance with generally accepted accounting principles. Accordingly, revenues are recognized when the qualifying expenditure has been incurred and expenditures have been recognized when the fund liability has been incurred.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
No noncash assistance was provided and no federal insurance was in effect.
Title: OUTSTANDING FEDERAL LOANS
Accounting Policies: The accompanying schedule of expenditures of federal awards is a summary of the activity of the Villages federal award programs presented on the modified accrual basis of accounting in accordance with generally accepted accounting principles. Accordingly, revenues are recognized when the qualifying expenditure has been incurred and expenditures have been recognized when the fund liability has been incurred.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
There are no outstanding loans with federal compliance requirements as of December 31, 2022.