Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Hunters Woods Elderly Developments of Virginia, Inc. under programs of the federal government for the year ended June 30, 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 Hunters Woods Elderly Developments of Virginia, Inc., it is not intended to and does not present the financial position, changes in net assets or cash flows of Hunters Woods Elderly Developments of Virginia, Inc.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in OMB Circular A-122, "Cost Principles for Non-Profit Organizations" or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Hunters Woods Elderly Developments of Virginia, Inc. has elected not to use the 10% de minimus indirect cost rate allowed under Uniform Guidance.
The Corporation has an outstanding loan balance of $22,676,657 at June 30, 2025 with continuing compliance requirements.