Title: U.S. Department of Housing and Urban Development Capital Advance program
Accounting Policies: The accompanying schedule of expenditures of federal awards ("Schedule") includes the federal award activity of Victory Crest, Inc. HUD Project No. 000-EE066, under programs of the federal government 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"). Because the Schedule presents only a selected portion of the operations of Victory Crest, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Victory Crest, Inc. For the year ended December 31, 2023, no awards were passed through to subrecipients. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, the cost principles contained in OMB Circular A-122, "Cost Principles for Non-Profit Organizations" and 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: Victory Crest, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The balance shown on the schedule of expenditures of federal awards relating to the capital advance consists of $6,719,600 expended in prior years. Section 202 capital advances need not be repaid as long as the owner continues to make the housing available to the low-income elderly for at least 40 years.
Title: HOME Investment Partnership Program (HOME)
Accounting Policies: The accompanying schedule of expenditures of federal awards ("Schedule") includes the federal award activity of Victory Crest, Inc. HUD Project No. 000-EE066, under programs of the federal government 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"). Because the Schedule presents only a selected portion of the operations of Victory Crest, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Victory Crest, Inc. For the year ended December 31, 2023, no awards were passed through to subrecipients. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, the cost principles contained in OMB Circular A-122, "Cost Principles for Non-Profit Organizations" and 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: Victory Crest, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Victory Crest, Inc. has received a Prince George's County, Maryland loan under the HOME Investment Partnerships Program for $1,300,000. The loan balance outstanding at the beginning of the period is included in the federal expenditures presented in the Schedule. See Notes to the SEFA for table.