Notes to SEFA
Village due Lac, Inc. has received a U.S. Department of Housing and Urban Development direct loan under Section 221(d)(4) of the National Housing Act. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in this schedule. Village du Lac, Inc. received no additional loans during the year. The balance of the loan outstanding as of June 30, 2025 consists of AL Number 14.135 in the amount of $2,018,740.
Village du Lac, Inc. has elected not to use the 10% de minimis cost rate.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Village du Lac, Inc. and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance.