Notes to SEFA
Title: Note A: Basis of Presentation
Accounting Policies: Expenditures reported in the Schedule are reported on an accrual basis of accounting. 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. Villa Assumpta, Inc. has elected not to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance. Amounts received or receivable from grantor agencies are subject to audit and adjustment by those agencies. Any disallowed claims, including amounts already received, might constitute a liability for the Corpoartion for the return of those funds. in the opinion of mangement, all grant expenditures were in compliance with the terms of the grant agreements and applicable federal laws and regulations.
De Minimis Rate Used: N
Rate Explanation: Villa Assumpta, Inc. has elected to not use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance.
The schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Villa Assumpta, Inc. (the Corporation) is prepared on the accrual basis of accounting. The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) 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 the Corporation, it is not intended to, and does not, present the financial postion, change in net assets, or cash flows of the Corporation.
Title: Note B: U.S. Department of Housing and Urban Development Capital Advance Program
Accounting Policies: Expenditures reported in the Schedule are reported on an accrual basis of accounting. 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. Villa Assumpta, Inc. has elected not to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance. Amounts received or receivable from grantor agencies are subject to audit and adjustment by those agencies. Any disallowed claims, including amounts already received, might constitute a liability for the Corpoartion for the return of those funds. in the opinion of mangement, all grant expenditures were in compliance with the terms of the grant agreements and applicable federal laws and regulations.
De Minimis Rate Used: N
Rate Explanation: Villa Assumpta, Inc. has elected to not use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance.
The amount reported for Section 202 Supportive Housing for Elderly Program was the total amount of capital advances as of June 30, 2024 of $5,020,900. Villa Assumpta, Inc. received no additional capital advance or loan during the year.