Notes to SEFA
Title: Note A-Basis of Presentation
Accounting Policies: ACCRUAL
De Minimis Rate Used: N
Rate Explanation: Valle Del Desierto has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Valle Del Desierto HUD Project No. 123-EE101, 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 (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Valle Del Desierto, it is not intended to and does not present the financial position, change in net assets, or cash flows of Valle Del Desierto.
Title: Note B-Summary of Significant Accounting Policies
Accounting Policies: ACCRUAL
De Minimis Rate Used: N
Rate Explanation: Valle Del Desierto has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
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. Valle Del Desierto has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: Note C-U.S. Department of Housing and Urban Development Loan Program
Accounting Policies: ACCRUAL
De Minimis Rate Used: N
Rate Explanation: Valle Del Desierto has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Valle Del Desierto has received a U.S. Department of Housing and Urban Development direct loan under Section 202 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. Valle Del Desierto received no additional loans during the year. The balance of the loan outstanding at December 31, 2024 consists of:14.157 Section 202 Direct Loan $5,373,500