Title: BASIS OF PRESENTATION
Accounting Policies: Federal awards are accounted for using the accrual basis of accounting. The Schedule reflects the accrual basis of accounting in which revenues are recognized when earned and expenditures are recognized when incurred.
De Minimis Rate Used: N
Rate Explanation: The Uniform Guidance requires that all indirect costs be charged through the use of an approved indirect cost rate. When no indirect cost rate has been approved, the Uniform Guidance allows for a one-time election to use a 10% de minimis reimbursement rate. Beverly Farm has not charged any indirect costs to its federal programs since the Uniform Guidance became applicable and has yet to determine if it will elect the 10% de minimis reimbursement rate.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) summarizes the expenditures of Beverly Farm under programs of the federal government for the fiscal year ended June 30, 2024. Because the Schedule presents only a selected portion of the operations of Beverly Farm, it is not intended to, and does not, present the financial position, changes in net assets, revenues, and expenditures of Beverly Farm.
For purposes of the Schedule, federal awards include all grants, contracts and similar agreements entered into directly between Beverly Farm and agencies and departments of the federal government and all sub-awards to Beverly Farm by nonfederal organizations pursuant to federal grants, contracts, and similar agreements. The Schedule presents expenditures by federal agency for Beverly Farm’s major and nonmajor programs in accordance with the provisions of the U.S. Office of Management and Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
Title: SUBRECIPIENTS
Accounting Policies: Federal awards are accounted for using the accrual basis of accounting. The Schedule reflects the accrual basis of accounting in which revenues are recognized when earned and expenditures are recognized when incurred.
De Minimis Rate Used: N
Rate Explanation: The Uniform Guidance requires that all indirect costs be charged through the use of an approved indirect cost rate. When no indirect cost rate has been approved, the Uniform Guidance allows for a one-time election to use a 10% de minimis reimbursement rate. Beverly Farm has not charged any indirect costs to its federal programs since the Uniform Guidance became applicable and has yet to determine if it will elect the 10% de minimis reimbursement rate.
Beverly Farm did not pass through any federal funds to subrecipients during the year ended June 30, 2024.
Title: NONMONETARY DISTRIBUTIONS
Accounting Policies: Federal awards are accounted for using the accrual basis of accounting. The Schedule reflects the accrual basis of accounting in which revenues are recognized when earned and expenditures are recognized when incurred.
De Minimis Rate Used: N
Rate Explanation: The Uniform Guidance requires that all indirect costs be charged through the use of an approved indirect cost rate. When no indirect cost rate has been approved, the Uniform Guidance allows for a one-time election to use a 10% de minimis reimbursement rate. Beverly Farm has not charged any indirect costs to its federal programs since the Uniform Guidance became applicable and has yet to determine if it will elect the 10% de minimis reimbursement rate.
None.
Title: INSURANCE
Accounting Policies: Federal awards are accounted for using the accrual basis of accounting. The Schedule reflects the accrual basis of accounting in which revenues are recognized when earned and expenditures are recognized when incurred.
De Minimis Rate Used: N
Rate Explanation: The Uniform Guidance requires that all indirect costs be charged through the use of an approved indirect cost rate. When no indirect cost rate has been approved, the Uniform Guidance allows for a one-time election to use a 10% de minimis reimbursement rate. Beverly Farm has not charged any indirect costs to its federal programs since the Uniform Guidance became applicable and has yet to determine if it will elect the 10% de minimis reimbursement rate.
Beverly Farm maintained a mortgage insurance policy relating to federal loan guarantees in effect for the year ended June 30, 2024. The amount of property insurance in effect during the fiscal year was $37,057,448.
Title: LOANS AND LOAN GURANTEES
Accounting Policies: Federal awards are accounted for using the accrual basis of accounting. The Schedule reflects the accrual basis of accounting in which revenues are recognized when earned and expenditures are recognized when incurred.
De Minimis Rate Used: N
Rate Explanation: The Uniform Guidance requires that all indirect costs be charged through the use of an approved indirect cost rate. When no indirect cost rate has been approved, the Uniform Guidance allows for a one-time election to use a 10% de minimis reimbursement rate. Beverly Farm has not charged any indirect costs to its federal programs since the Uniform Guidance became applicable and has yet to determine if it will elect the 10% de minimis reimbursement rate.
The balance of the HUD mortgage outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. There were no additional HUD loans during the fiscal year ended June 30, 2024. Beverly Farm had $4,887,209 in outstanding loan guarantees from federal sources as of June 30, 2024.