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.
De Minimis Rate Used: N
Rate Explanation: The Companies have not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of the Virginia Beach Community Development Corporation and Subsidiaries (the Companies) under programs of the federal government for the year ended June 30, 2023. 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 uidance). Because the Schedule presents only a selected portion of the operations of the Companies, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Companies.
Title: Coronavirus State and Local Fiscal Recovery Funds
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.
De Minimis Rate Used: N
Rate Explanation: The Companies have not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Companies received $269,241 of funds from the Coronavirus State and Local Fiscal Recovery Funds (Assistance Listing 21.027) to assist with the rehabilitation of various apartment units. The Organization was listed as the beneficiary of the funds as they were not used to provide additional services on behalf of the passthrough entity. As such, these amounts have not been included on the Schedule.