Notes to SEFA
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Vance Housing, Inc., Project No. 045-HD028-CA, 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 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 Vance Housing, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Vance Housing, Inc.
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. Vance Housing, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed by the Uniform Guidance.
Vance Housing, Inc. has received a U.S. Department of Housing and Urban Development capital advance under Section 811 of the National Housing Act. The capital advance outstanding at the beginning of the year is included in the federal expenditures presented in the schedule. Vance Housing, Inc. received no additional advances during the year. The balance of the advance at June 30, 2024 consists of: 14.181 Supportive Housing for Persons with Disabilities - $1,053,900