Notes to SEFA
Title: Note 1 - Basis of presentation
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of Villa Ciera, Inc. under programs of the federal government for the year ended December 31, 2024 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 (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 Villa Ciera, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Villa Ciera, Inc.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of Villa Ciera, Inc. under programs of the federal government for the year ended December 31, 2024 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 (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 Villa Ciera, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Villa Ciera, Inc.
Title: Note 2 - Loan
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of Villa Ciera, Inc. under programs of the federal government for the year ended December 31, 2024 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 (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 Villa Ciera, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Villa Ciera, Inc.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate
The loan outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. The balance of the loan outstanding as of December 31, 2024 consists of: Assistance Listing number 14.135 Mortgage Insurance - Rental and Cooperative Housing for Moderate Income Families and Elderly, Market Interest Rate - Loan outstanding balance of $4,274,198.