Notes to SEFA
Title: Note A — 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. Geer Village, A Housing and Development Company has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: does not use indirect costs.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Geer Village, A Housing and Development Company and is presented on the accrual basis of
accounting. The information in this schedule is presented in accordance with the requirements Title 2 U.S. Code of Federal Regulatons Part 200, of the Uniform Administrative
Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). The schedule presents only a selected portion of the operations of Geer Village, A
Housing and Development Company. It is not intended to, and does not present, the financial position, changes in net assets or cash flows of Geer Village, A Housing and Development
Company.
Title: Note C — U.S. Department of Housing and Urban Development Loan Program:
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. Geer Village, A Housing and Development Company has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: does not use indirect costs.
Geer Village, A Housing and Development Company has received a U.S. Department of Housing and Urban Development Section 202 Capital Advance loan. The loan balance
outstanding at the beginning of the year is included in the federal expenditures presented in the schedule. Geer Village, A Housing and Development Company received no additional loans
during the year. The balance of the loan outstanding at September 30, 2023, consists of:
Program Name AL#
Section 202 Capital Advance 14.157 $ 1,622,700