Notes to SEFA
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Miracle Village Independent Living, Inc. (the “Organization”) 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 the Organization, it is not intended to and does not present the financial position, changes in net deficit, or cash flows of the Organization.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles in the Uniform Guidance; wherein certain types of expenditures are not allowable or are limited as to reimbursement.
The Organization has elected not to use the de minimis indirect cost rate allowed under the Uniform Guidance.
The federal loan program listed subsequently is administered directly by the Organization, and balances and transactions relating to this program are included in the Organization’s basic financial statements. Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule. The balance of the loan outstanding at June 30, 2025 consist of: Assistance Listing Number 14.157 Program Name Supportive Housing for Elderly Outstanding Balance at June 30, 2025 $4,748,800