Notes to SEFA
Title: Note 1 – Basis of Presentation
Accounting Policies: Note 2 – Summary of Significant Accounting Policies
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.
De Minimis Rate Used: N
Rate Explanation: Note 3 – Indirect Costs
The Village has elected not to use the 10% de minimis cost rate allowed by the Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal grant activities of New Life Village, Inc. (“Village”) for the year ended August 31, 2024. 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 the Village, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Village.
Title: Note 4 – Loans
Accounting Policies: Note 2 – Summary of Significant Accounting Policies
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.
De Minimis Rate Used: N
Rate Explanation: Note 3 – Indirect Costs
The Village has elected not to use the 10% de minimis cost rate allowed by the Uniform Guidance.
The Village has the following loan balances:
Assistance Original Balance at Additional Balance at
Listing Loan September 1, Loan August 31,
Number Description Amount 2023 Funding 2024
14.218 Community Development Block Grants Cluster Entitlements/Special Purpose
2020 Facilities Loan $ 237,917 $ 237,917 $ - $ 237,917
2023 Facilities Loan 341,120 53,185 8 4,163 137,348
14.239 Home Investment Partnerships Program
Deferred Payment Loan 1,736,820 1,658,662 1 67,441 1,826,103
$ 1,949,764 $ 2 51,604 $ 2,201,368
Title: Note 5 – Contingency
Accounting Policies: Note 2 – Summary of Significant Accounting Policies
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.
De Minimis Rate Used: N
Rate Explanation: Note 3 – Indirect Costs
The Village has elected not to use the 10% de minimis cost rate allowed by the Uniform Guidance.
Expenditures incurred by the Village are subject to audit and possible disallowance by federal agencies. Management believes that, if audited, an adjustment for disallowed expenses would be immaterial.