Notes to SEFA
Title: Note 3: SECTION 232 INSURED LOAN
Accounting Policies: Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation – This schedule includes the activity of Wesley Haven Villa, Inc. (the Organization) 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).
De Minimis Rate Used: N
Rate Explanation: Note 2: INDIRECT COST RATE
The Organization has not elected to use the 10% de minimis indirect cost rate allowed under Uniform Guidance.
Federal expenditures reported on the schedule includes a Section 232 insured loan with a balance of $3,226,498 outstanding at June 30, 2023, for which the grantor imposes continuing compliance requirements. Wesley Haven Villa, Inc. received no additional loans during the year. The balance of the loan outstanding at June 30, 2024 is $3,169,327.
Title: Note 4: FEDERALLY FUNDED INSURANCE
Accounting Policies: Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation – This schedule includes the activity of Wesley Haven Villa, Inc. (the Organization) 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).
De Minimis Rate Used: N
Rate Explanation: Note 2: INDIRECT COST RATE
The Organization has not elected to use the 10% de minimis indirect cost rate allowed under Uniform Guidance.
The Organization has no federally funded insurance.
Title: Note 5: NONCASH ASSISTANCE
Accounting Policies: Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation – This schedule includes the activity of Wesley Haven Villa, Inc. (the Organization) 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).
De Minimis Rate Used: N
Rate Explanation: Note 2: INDIRECT COST RATE
The Organization has not elected to use the 10% de minimis indirect cost rate allowed under Uniform Guidance.
The Organization did not receive any federal noncash assistance for the fiscal year ended June 30, 2024