Notes to SEFA
Title: Note 1 – Basis of Presentation
Accounting Policies: Note 2 – Summary of Significant 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: Note 3 – Indirect Costs
The Village has elected not to use the 10% de minimis cost rate allowed by the Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal grant activities of New
Life Village, Inc. (“Village”) for the year ended August 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 selected 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.
Title: Note 4 – Loans
Accounting Policies: Note 2 – Summary of Significant 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: Note 3 – Indirect Costs
The Village has elected not to use the 10% de minimis cost rate allowed by the Uniform Guidance.
The Village has the following loan balances:
Assistance Original Balance at Additional Balance at
Listing Loan September 1, Loan August 31,
Number Description Amount 2022 Funding 2023
14.218 CDBG-Entitlement Grants Cluster: Community Development Block Grants/ Entitlement Grants
Publi Facilities Improvement
Loan $ 341,120 $ - $ 5 3,185 $ 53,185
14.239 Home Investment Partnerships Program
Deferred Payment Loan 1,736,820 1,279,653 3 79,009 1,658,662
$ 1,279,653 $ 4 32,194 $ 1,711,847
Title: Note 5 – Contingency
Accounting Policies: Note 2 – Summary of Significant 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: Note 3 – Indirect Costs
The Village has elected not to use the 10% de minimis cost rate allowed by the Uniform Guidance.
Expenditures incurred by the Village are subject to audit and possible disallowance by federal agencies.
Management believes that, if audited, an adjustment for disallowed expenses would be immaterial.