Notes to SEFA
Accounting Policies: NOTE 1 BASIS OF PRESENTATIONThe accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the federalgrant and loan activity of Mountain View Development, RLLLP and is presented on the accrual basisof accounting. The information in this schedule is presented in accordance with the requirements ofTitle 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, CostPrinciples, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, someamounts presented in this schedule may differ from amounts presented in, or used in the preparationof, the basic financial statements. The purpose of the Schedule is to present a summary of thoseactivities of Mountain View Development, RLLLP for the year ended June 30, 2022, which havebeen financed by the U.S. Government. For purposes of the Schedule, federal awards include allfederal assistance entered into directly and indirectly between Mountain View Development, RLLLPand the federal government. Mountain View Development, RLLLP did not elect to use the 10% deminimis indirect cost rate as allowed under the Uniform Guidance.NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in the Uniform Guidancewherein certain types of expenditures are not allowable or are limited as to reimbursement. Negativeamounts, if any, shown on the schedule represent adjustments or credits made in the normal courseof business to amounts reported as expenditures in prior years. NOTE 3 PRIOR YEARS EXPENDITURESThe accompanying Schedule of Expenditures of Federal Awards includes $1,673,900 in expenditures from prior years for which continuing compliance is required.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.