Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying Schedule of Expenditures of FederalAwards includes the federal award activity of Villa Serena, Inc., Project No. 136 HD021 NP CMI, underprograms of the federal government for the year ended June 30, 2022. The information in this schedule ispresented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200,Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (UniformGuidance). Because the schedule presents only a selected portion of the operations of the Organization, it isnot intended to and does not present the financial position, changes in net assets, or cash flows of theOrganization. Expenditures reported on the schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following cost principles contained in the Uniform Guidance, wherein certaintypes of expenditures are not allowable or are limited as to reimbursement. The Organization has electednot to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
SUPPORTIVE HOUSING FOR PERSONS WITH DISABILITIES (14.181) - Balances outstanding at the end of the audit period were 1500400.