Notes to SEFA
Title: SCOPE OF AUDIT PURSUANT TO THE UNIFORM GUIDANCE
Accounting Policies: For purposes of the schedule of federal expenditures of federal awards, fedearl awards include all grants, contracts, loans and loan guarantee agreements entered into directly between the Corporation and agencies and departments of the federal government. For the year ended June 30, 2023, the Corporation had no expenditures in the form of noncash assistance. The accompanying schedule of expenditures of federal awards is prepared on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Corporation did not use the de minimis cost rate.
All federal grant activities of GRANT VILLAGE are included in the scope of the U.S. Office of Management and Budget (OMB) Uniform Guidance audit. Under Government Auditing Standards and U.S. Department of Housing and Urban Development (HUD) Regulations, the Corporation’s Section 223(f) direct loan and its Housing Assistance Payment Contract (Section 8) are both considered major programs.
Title: MORTGAGE NOTE PAYABLE
Accounting Policies: For purposes of the schedule of federal expenditures of federal awards, fedearl awards include all grants, contracts, loans and loan guarantee agreements entered into directly between the Corporation and agencies and departments of the federal government. For the year ended June 30, 2023, the Corporation had no expenditures in the form of noncash assistance. The accompanying schedule of expenditures of federal awards is prepared on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Corporation did not use the de minimis cost rate.
The remaining principal balance of the mortgage loan guaranteed by The Federal Housing Administration is reflected at its respective balance at July 01, 2022 in the accompanying schedule of expenditures of federal awards. The outstanding principal balance at June 30, 2023 amounted to $4,346,340.