Notes to SEFA
Title: NOTE B - U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOAN PROGRAM
Accounting Policies: NOTE A - BASIS OF PRESENTATION The accompanying schedule of expenditures of federal awards includes the federal award activity of Volunteer Residences-Two, Inc. and is presented on the full 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 (Uniform Guidance). Because the schedule presents only a selected portion of the operations of the Projects, it is not intended to and does not present the financial position, change in net assets, or cash flows of the Projects.
De Minimis Rate Used: Y
Rate Explanation: NOTE C - DE MINIMIS INDIRECT COST RATE When applicable, Volunteer Residences - Two, Inc. has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Volunteer Residences - Two, Inc. has received a U.S. Department of Housing and Urban Development HUD Insured loan under Section 223 (f) of the National Housing Act. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. Volunteer Residences-Two, Inc. received no additional loans during the year. The balance of the loan outstanding at September 30, 2024 consists of: ALN Number Program Name Outstanding Balance at September 30, 2024 14.155 223(f) HUD Insured Loan $3,330,996