Notes to SEFA
Title: NOTE 1—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 Organization allocates indirect costs based on estimates of time and effort as it believes this is the cost driver that most accruately allocates costs appropriately.
The accompanying schedule of expenditures of federal and state awards (the “Schedule”) includes the federal and state award activity of Layton Boulevard West Neighbors, Inc. under programs of the federal government and state agencies 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), and the State Single Audit Guidelines. Because the Schedule presents only a selected portion of the operations of Layton Boulevard West Neighbors, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Layton Boulevard West Neighbors, Inc.
Title: NOTE 2—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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 Organization allocates indirect costs based on estimates of time and effort as it believes this is the cost driver that most accruately allocates costs appropriately.
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.
Title: NOTE 3—INDIRECT COST RATE
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 Organization allocates indirect costs based on estimates of time and effort as it believes this is the cost driver that most accruately allocates costs appropriately.
Layton Boulevard West Neighbors, Inc. has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Title: NOTE 4—DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOAN PROGRAMS
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 Organization allocates indirect costs based on estimates of time and effort as it believes this is the cost driver that most accruately allocates costs appropriately.
The loan programs listed subsequently are administered directly by Layton Boulevard West Neighbors, Inc., and balances and transactions relating to these programs are included in Layton Boulevard West Neighbors, Inc.'s basic financial statements. Loans outstanding at the beginning of the year are included in the federal expenditures presented in the schedule. Layton Boulevard West Neighbors, Inc. made no additional loans during the year.