Notes to SEFA
Title: Note 1 - Basis of presentation
Accounting Policies: 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 the Uniform
Guidance, wherein certain types of expenditures are not allowable or are limited as to
reimbursement.
De Minimis Rate Used: N
Rate Explanation: Grant Village has elected not to use the 10-percent de minimis indirect cost rate allowed under the
Uniform Guidance.
The accompanying schedule of expenditures of federal awards ("Schedule") includes the federal
award activity of Grant Village, HUD Project No. 071-11200, 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
Grant Village, it is not intended to and does not present the financial position, changes in net
assets, or cash flows of Grant Village For the year ended June 30, 2024, no awards were passed
through to subrecipients.
Title: Note 2 - Summary of significant accounting policies
Accounting Policies: 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 the Uniform
Guidance, wherein certain types of expenditures are not allowable or are limited as to
reimbursement.
De Minimis Rate Used: N
Rate Explanation: Grant Village has elected not to use the 10-percent de minimis indirect cost rate allowed under the
Uniform Guidance.
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 the Uniform
Guidance, wherein certain types of expenditures are not allowable or are limited as to
reimbursement.
Title: Note 3 - Indirect cost rate
Accounting Policies: 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 the Uniform
Guidance, wherein certain types of expenditures are not allowable or are limited as to
reimbursement.
De Minimis Rate Used: N
Rate Explanation: Grant Village has elected not to use the 10-percent de minimis indirect cost rate allowed under the
Uniform Guidance.
Grant Village has elected not to use the 10-percent de minimis indirect cost rate allowed under the
Uniform Guidance.
Title: Note 4 - U.S. Department of Housing and Urban Development loan program
Accounting Policies: 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 the Uniform
Guidance, wherein certain types of expenditures are not allowable or are limited as to
reimbursement.
De Minimis Rate Used: N
Rate Explanation: Grant Village has elected not to use the 10-percent de minimis indirect cost rate allowed under the
Uniform Guidance.
Grant Village, has received a U.S. Department of Housing and Urban Development direct loan
under Section 202 of the National Affordable Housing Act. The loan balance outstanding at the
beginning of the year is included in the federal expenditures presented in the Schedule. Grant
Village received no additional loans during the year. The balance of the loan outstanding June 30,
2024 consists of:
Assistance Listing
Numbers Program Name
Outstanding
Balance at June
30, 2024
14.134 Section 207/223(f) Mortgage Insurance $ 4 ,215,851
$ 4 ,215,851