Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported in accordance with accounting principles generally accepted in the United States of America. 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The Village has not elected to use the 10-percent de minimis indirect cost rate as allowed under The Uniform Guidance.
The Schedule of Expenditures of Federal Awards (the "Schedule") includes the federal award activity of the Community
Retirement Village (the "Village") under programs of the federal government for the year ended. 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 ("The 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 or change in financial position of the Village.
Title: FEDERAL LOAN PROGRAM
Accounting Policies: Expenditures reported on the Schedule are reported in accordance with accounting principles generally accepted in the United States of America. 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The Village has not elected to use the 10-percent de minimis indirect cost rate as allowed under The Uniform Guidance.
The Village was approved by the United States Department of Agriculture to receive multiple federal loans totaling up to $2,695,127. The loans are to aid in funding construction projects to update and expand low-income housing units. The amount listed for these loans includes the beginning balance of the loans plus proceeds received during the year. Proceeds expended during the year are included in the Schedule. The total balance on all federal loans as of the period ended is $1,698,164.