Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: NOTE A - GENERALThe accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal programsof Galilee Village Plus, Inc.NOTE B BASIS OF PRESENTATIONThe accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of GalileeVillage Plus, Inc. and is presented on the accrual basis of accounting. The information in this schedule ispresented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200 UniformAdministrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Because thisschedule presents only a selected portion of the operations of Galilee Village Plus, Inc., it is not intended anddoes not present the financial position, change in net assets, or cash flows of Galilee Village Plus, Inc.Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in thepreparation of, the financial statements. Galilee Village Plus, Inc. did not elect to use the 10% de minimiscost rate as covered in 2 CFR 200.414 Indirect (F&A) costs.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
SUPPORTIVE HOUSING FOR THE ELDERLY (14.157) - Balances outstanding at the end of the audit period were 3933476.