Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: NOTE A - GENERAL
The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal programs
of Galilee Village Plus, Inc.
NOTE B – BASIS OF PRESENTATION
The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Galilee
Village Plus, Inc. 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 Part 200 Uniform
Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Because this
schedule presents only a selected portion of the operations of Galilee Village Plus, Inc., it is not intended and
does not present the financial position, change in net assets, or cash flows of Galilee Village Plus, Inc.
Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the
preparation of, the financial statements. Galilee Village Plus, Inc. did not elect to use the 10% de minimis
cost rate as covered in 2 CFR 200.414 Indirect (F&A) costs.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Supportive Housing For The Elderly (14.157) - Balances outstanding at the end of the audit period were 3933476.