Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on schedule of expenditures of federal awards (the Schedule) are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Valley Housing Development Corporation, Inc. (the Organization) has elected not to use the 10% de minimus indirect cost rate as allowed under the Uniform Guidance.
The accompanying the Schedule includes the federal grant activity of the Organization under programs of the Federal government for the year ended December 31, 2022. The information in the Schedule is presented in accordance with the requirements of Uniform Guidance. Because the Schedule presents only a selected portion of the Organizations operations, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Organization.
Title: Loan Assistance
Accounting Policies: Expenditures reported on schedule of expenditures of federal awards (the Schedule) are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Valley Housing Development Corporation, Inc. (the Organization) has elected not to use the 10% de minimus indirect cost rate as allowed under the Uniform Guidance.
The farm labor housing loans, are included on the Schedule at their outstanding balances as of January 1, 2022 plus any additional proceeds received during 2022, as they include continuing compliance requirements from Rural Development. At January 1, 2022, the outstanding loan balances were $728,042. During 2022, NO additional proceeds were received and principal payments of $20,650 were made. At December 31, 2022, the outstanding loan balances were $707,392.
Title: Subrecipients
Accounting Policies: Expenditures reported on schedule of expenditures of federal awards (the Schedule) are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Valley Housing Development Corporation, Inc. (the Organization) has elected not to use the 10% de minimus indirect cost rate as allowed under the Uniform Guidance.
There were no pass through federal awards to subrecipients by the Organization during 2023.