Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the 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. St. Joseph's Villa Housing Corp. has not elected the 10 percent de minimis cost rate as allowed by the Uniform Guidance. The amount reported for the loan is the beginning of the year balance. The loan balance at June 30, 2024 was $1,695,627.
De Minimis Rate Used: N
Rate Explanation: St. Joseph's Villa Housing Corp. has not elected the 10 percent de minimis cost rate as allowed by the Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal grant activities of St. Joseph's Villa Housing Corp.under programs of the federal government for the year ended June 30, 2023, and is presented on the accrual basis of accounting. The information in this 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. Therefore, some amounts presented in this schedule may differ from amounts presented or used in the preparation of the basic financial statements.
Title: Subrecipient Payments
Accounting Policies: Expenditures reported on the Schedule are reported on the 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. St. Joseph's Villa Housing Corp. has not elected the 10 percent de minimis cost rate as allowed by the Uniform Guidance. The amount reported for the loan is the beginning of the year balance. The loan balance at June 30, 2024 was $1,695,627.
De Minimis Rate Used: N
Rate Explanation: St. Joseph's Villa Housing Corp. has not elected the 10 percent de minimis cost rate as allowed by the Uniform Guidance.
None of the expenditures reported on the Schedule were passed through to subrecipients.