Notes to SEFA
Title: U.S. Department of Housing and Urban Development Loan Program
Accounting Policies: The Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant activity of North Florida Retirement Village, Inc. (The Village) under programs of the federal government for the year ended December 31, 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 Guidance). Because the Schedule presents only a select portion of the operations of The Village, it is not intended to and does not present the financial position, changes in net assets, or cash flows of The Village. 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 Village has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The amount of expenditures reported on the Schedule for AL 14.129 represents the proceeds of U.S. Department of Housing and Urban Development's Section 232 HUD-insured mortgage loan received in April 2021. The balance of the loan outstanding as of December 31, 2023 was $89,812,413.