Notes to SEFA
Title: Note 1 - Basis of Presentation:
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Villa Merced Apartments, a component unit of Colonia Barrios Seniors, Inc. under programs of the federal government for the year ended March 31, 2024. 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). Because the Schedule presents only a selected portion of the operations of Villa Merced Apartments, a component unit of Colonia Barrios Seniors, Inc. it is not intended to and does not present the financial position, change in net assets, or cash flows of Villa Merced Apartments.
De Minimis Rate Used: Y
Rate Explanation: The Corporation has elected to use the 10-percent de minimis indirect cost rate as allowed under Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Villa Merced Apartments, a component unit of Colonia Barrios Seniors, Inc. under programs of the federal government for the year ended March 31, 2024. 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). Because the Schedule presents only a selected portion of the operations of Villa Merced Apartments, a component unit of Colonia Barrios Seniors, Inc. it is not intended to and does not present the financial position, change in net assets, or cash flows of Villa Merced Apartments.
Title: Note 2 - Summary of Significant Accounting Policies:
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Villa Merced Apartments, a component unit of Colonia Barrios Seniors, Inc. under programs of the federal government for the year ended March 31, 2024. 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). Because the Schedule presents only a selected portion of the operations of Villa Merced Apartments, a component unit of Colonia Barrios Seniors, Inc. it is not intended to and does not present the financial position, change in net assets, or cash flows of Villa Merced Apartments.
De Minimis Rate Used: Y
Rate Explanation: The Corporation has elected to use the 10-percent de minimis indirect cost rate as allowed under Uniform Guidance.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the OMB Circular A-122, Cost Principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass through entity identifying numbers are presented where available.