Notes to SEFA
Title: NOTE D. PASSED-THROUGH SUBRECIPIENTS
Accounting Policies: NOTE A. BASIS OF PRESENTATION: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of True Vine Senior Citizens Center under programs of the federal government for the year ended March 31, 2025. 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 True Vine Senior Citizens Center, it is not intended to and does not present the financial position, changes in net assets, or cash flows of True Vine Senior Citizens Center.
NOTE B. 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 C. INDIRECT COST RATE: True Vine Senior Citizens Center has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
For the year ended March 31, 2025, there were no awards passed through to subrecipients.
Title: NOTE E: YEAR END BALANCES
Accounting Policies: NOTE A. BASIS OF PRESENTATION: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of True Vine Senior Citizens Center under programs of the federal government for the year ended March 31, 2025. 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 True Vine Senior Citizens Center, it is not intended to and does not present the financial position, changes in net assets, or cash flows of True Vine Senior Citizens Center.
NOTE B. 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 C. INDIRECT COST RATE: True Vine Senior Citizens Center has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Under the U.S. Department of Housing and Urban Development Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects (the Note), True Vine Senior Citizens Center received Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects Mortgage. The Note is secured by a deed of trust and provides for monthly payments of $4,325, including principal and interest at four percent until October 1, 2048. At March 31, 2025, $791,639 is outstanding.