Title: Note 1 - Basis of Presentation:
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Vista Serena Housing Development Corporation under programs of the federal government for the year ended June 30, 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 Vista Serena Housing Development Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Vista Serena Housing Development Corporation.
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 Vista Serena Housing Development Corporation under programs of the federal government for the year ended June 30, 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 Vista Serena Housing Development Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Vista Serena Housing Development Corporation.
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 Vista Serena Housing Development Corporation under programs of the federal government for the year ended June 30, 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 Vista Serena Housing Development Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Vista Serena Housing Development Corporation.
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 for Nonprofit Organizations or the 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.
Title: Note 3 - Capital Advance:
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Vista Serena Housing Development Corporation under programs of the federal government for the year ended June 30, 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 Vista Serena Housing Development Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Vista Serena Housing Development Corporation.
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 following is the activity of the capital advance for the year ended June 30, 2024: Assistance Listing Number 14.157, Program Name Supportive Housing for the Elderly Section 202: Capital Grant Agreement, Outstanding June 30, 2023 $1,186,400, Advanced for the Year Ended June 30, 2024 $0, Principal Repaid for the Year Ended June 30, 2024 $0, Outstanding June 30, 2024 $1,186,400.