Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying schedule of expenditures of federal awards and schedule of expenditures of state financial assistance (the Schedules) include the federal and state award activity of New Life Village, Inc. and Association (the Organization) under programs of the federal government and State of Florida for the year ended August 31, 2022. The information in the Schedules is presented in accordance with the audit 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) and Chapter 10.650, Rules of the Auditor General of the State of Florida. Because the Schedules present only a selected portion of the operations of the Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization. Expenditures reported on the Schedules 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. There were no awards passed through to sub-recipients.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
HOME INVESTMENT PARTNERSHIPS PROGRAM (14.239) - Balances outstanding at the end of the audit period were 1658663.
Title: Home Investments Partnership Program
Accounting Policies: The accompanying schedule of expenditures of federal awards and schedule of expenditures of state financial assistance (the Schedules) include the federal and state award activity of New Life Village, Inc. and Association (the Organization) under programs of the federal government and State of Florida for the year ended August 31, 2022. The information in the Schedules is presented in accordance with the audit 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) and Chapter 10.650, Rules of the Auditor General of the State of Florida. Because the Schedules present only a selected portion of the operations of the Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization. Expenditures reported on the Schedules 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. There were no awards passed through to sub-recipients.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Organization entered into a Home Investments Partnership funding agreement passed through Hillsborough County, Florida not to exceed $1,736,820 for the construction of a 16 unit affordable rental housing development on the Organizations property. Pursuant to the funding agreement, a deferred payment mortgage (the mortgage) in the amount of $1,736,820 was executed between the Organization and Hillsborough County, Florida. The funding agreement includes provisions for the continued use of the improvements in a public facility benefiting low-income individuals and families to the later of February 28, 2053 or 30 years from the completion of the project.The land use restrictions of the funding agreement and the mortgage provide for the optional right of Hillsborough County, Florida to collect on the mortgage in the event the Organization does not follow the terms of the agreement. The terms of the mortgage are 2.6% interest only payments to be paid annually in arrears out of available cash flow, after payment of project expenses and any debt service for a period of 30 years. The outstanding balance of the mortgage was $1,658,663 at August 31, 2022.The Organization plans to fully comply with the terms of the agreement and as such has not recorded the mortgage in the combined statements of financial position.