Notes to SEFA
Title: BASIS OF PRESENTATION:
Accounting Policies: Expenditures 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. Lemma Village, Inc. dba The Village on Park has elected not to use the 10-percent de minimis indirect cost rate allowed by the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Lemma Village, Inc. dba The Village on Park has elected not to use the 10-percent de minimis indirect cost rate allowed by the Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Lemma Village, Inc. dba The Village On Park, HUD Project No. 045-11035, 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 Lemma Village, Inc. dba The Village On Park, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Lemma Village, Inc. dba The Village On Park.
Title: MORTGAGE INSURANCE:
Accounting Policies: Expenditures 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. Lemma Village, Inc. dba The Village on Park has elected not to use the 10-percent de minimis indirect cost rate allowed by the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Lemma Village, Inc. dba The Village on Park has elected not to use the 10-percent de minimis indirect cost rate allowed by the Uniform Guidance.
Lemma Village, Inc. has received a mortgage loan that is insured by the U.S. Department of Housing and Urban Development under Section 207, pursuant to 223(f) of the National Housing Act. Upon satisfaction of the mortgage note, the mortgage insurance agreement shall automatically terminate. The HUD-insured loan balance outstanding at the beginning of the year is included with the federal expenditures presented in the schedule.