Notes to SEFA
Title: NOTE 3 RECONCILATION OF SEFA AND FINANCIAL STATEMENTS
Accounting Policies: NOTE 2 SIGNIFICANT ACCOUNTING POLICIES No funds were identified as having been provided to subrecipients by Lakeview and accordingly, no funds identified in the Schedule of Expenditures of Federal Awards are attributable to subrecipient entities. There were no federal awards expended for noncash assistance or insurance. NOTE 1 BASIS OF PRESENTATION The accompanying schedule of expenditures of federal awards includes the federal grant activity of Lakeview Village, Inc. and Affiliates’ (Lakeview) and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the applicable 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 of expenditures of federal awards presents only a selected portion of the operations of Lakeview, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Lakeview.
De Minimis Rate Used: Y
Rate Explanation: Lakeview has elected to use the 10% de minimis indirect cost rate allowable under the Uniform Guidance.
The financial statements reflect revenue recognized from the FEMA Public Assistance of approximately $905,273 and $0 for the years ended December 31, 2023 and 2022, respectively. The SEFA includes FEMA Public Assistance of $905,273 that were submitted and approved in accordance with the requirements of the compliance supplement for assistance listing number 97.036.