Title: 1
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Valley Villa,
Inc. under a program of the federal government for the year ended December 31, 2024. The information in this Schedule is
presented in accordance with the requirements of the Code of Federal Regulations (CFR) 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 Project, it is not intended to and does not present the financial position,
changes in net assets, or cash flows of the Project. The Project has not elected to use the 10 percent de minimus indirect cost
rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Corporation has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Valley Villa,
Inc. under a program of the federal government for the year ended December 31, 2024. The information in this Schedule is
presented in accordance with the requirements of the Code of Federal Regulations (CFR) 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 Project, it is not intended to and does not present the financial position,
changes in net assets, or cash flows of the Project. The Project has not elected to use the 10 percent de minimus indirect cost
rate allowed under the Uniform Guidance.
Title: 2
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Valley Villa,
Inc. under a program of the federal government for the year ended December 31, 2024. The information in this Schedule is
presented in accordance with the requirements of the Code of Federal Regulations (CFR) 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 Project, it is not intended to and does not present the financial position,
changes in net assets, or cash flows of the Project. The Project has not elected to use the 10 percent de minimus indirect cost
rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Corporation has elected not to use the 10% de minimis indirect cost rate as 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.
Title: 3
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Valley Villa,
Inc. under a program of the federal government for the year ended December 31, 2024. The information in this Schedule is
presented in accordance with the requirements of the Code of Federal Regulations (CFR) 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 Project, it is not intended to and does not present the financial position,
changes in net assets, or cash flows of the Project. The Project has not elected to use the 10 percent de minimus indirect cost
rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Corporation has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
In a prior year, the Project’s construction costs were primarily financed through a Section 811 Capital Advance from HUD. The
capital advance mortgage note does not bear interest, nor require repayment, as long as the housing remains available for
very low-income persons with disabilities in accordance with Section 811 of the Affordable Housing Act of 1990 and the
Regulatory agreement between Valley Villa, Inc. and HUD. The Project received no additional advances during 2024.