Notes to SEFA
Title: Basis of Presentation
Accounting Policies: See next tab
De Minimis Rate Used: Y
Rate Explanation: The Organization has elected to use the ten percent (10%) de minimis indirect cost rate as allowed under the Uniform Guidance.
The schedule of expenditures of Federal awards (the “Schedule”) includes the federal award activity of Retreat Farm, Ltd., (the “Organization”) under programs of the federal government for the year ended December 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 Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows for the Organization.
Title: Basis of Accounting
Accounting Policies: See next tab
De Minimis Rate Used: Y
Rate Explanation: The Organization has elected to use the ten percent (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, where certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. The Organization has elected to use the ten percent (10%) de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: Rural Development - Community Facilities Loan (CFDA 10.766)
Accounting Policies: See next tab
De Minimis Rate Used: Y
Rate Explanation: The Organization has elected to use the ten percent (10%) de minimis indirect cost rate as allowed under the Uniform Guidance.
The Organization received a loan under the U.S. Department of Agriculture Rural Development Community Facilities Loan Program (CFDA 10.766). The loan was provided to finance the construction/acquisition of community facilities essential for public use. As of December 31, 2024, the outstanding principal balance of the loan is $1,987,132. In accordance with 2 CFR § 200.502(b), the outstanding loan balance is reported in the SEFA because the federal government imposes continuing compliance requirements on the use of the funds. The loan was made directly by USDA Rural Development and is subject to audit under the Uniform Guidance.