Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Note A - Basis of PresentationThe accompanying schedule of expenditures of federal awards includes the federal awardactivity of Broadwater Village, HUD Project No. 093-44019-NP, and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the schedule presents only a selected portion of the operations of Broadwater Village, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Broadwater Village.Note B - Summary of Significant Accounting PoliciesExpenditures reported on 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 reimbursement.Broadwater Village has elected not 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.
SECTION 201 FLEXIBLE SUBSIDY LOAN (14.164) - Balances outstanding at the end of the audit period were 538515.
Title: Note C - U.S. Department of Housing and Urban Development Loan Program
Accounting Policies: Note A - Basis of PresentationThe accompanying schedule of expenditures of federal awards includes the federal awardactivity of Broadwater Village, HUD Project No. 093-44019-NP, and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the schedule presents only a selected portion of the operations of Broadwater Village, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Broadwater Village.Note B - Summary of Significant Accounting PoliciesExpenditures reported on 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 reimbursement.Broadwater Village has elected not 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.
Broadwater Village has received a U.S. Department of Housing and Urban Development direct loan under Section 201 of the National Housing Act. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. Broadwater Village received no additional loans during the year. March 31, 2022 Balance $538,515