Notes to SEFA
The above schedule of expenditures of federal awards includes the federal grant activity of Marysville Quilceda Meadows, HUD Project No. 127-HD025 and 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); the financial statements have been prepared and presented based upon accounting principles generally accepted in the United States of America (US GAAP); therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements. Because the Schedule presents only a selected portion of the operations of Marysville Quilceda Meadows, it is not intended to and does not present the financial position, change in net assets, or cash flows of Marysville Quilceda Meadows.
Expenditures reported on the Schedule 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. Marysville Quilceda Meadows has elected not to use the de Minimis indirect cost rate allowed under the Uniform Guidance.
Marysville Quilceda Meadows has received a U.S. Department of Housing and Urban Development capital advance pursuant to Section 811, of the National Housing Act, and loans pursuant to the HOME Investment Partnerships Program. The capital advance and HOME loans outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. Marysville Quilceda Meadows received no additional capital advance or loan proceeds during the year. The balance of the capital advance and loan outstanding at June 30, 2024 consisted of: 14.181 Supportive Housing for the Elderly Loan Balance - $1,175,948; 14.239 HOME Investment Partnerships Program Loans - $310,740.