Notes to SEFA
Accounting Policies: (1)Basis of presentationThe accompanying schedule of expenditures of federal awards (the "Schedule"), includes the federal award activity of Villa Maria Manor, Inc., (the "Organization"), HUD Project No. 086-11096, 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 the Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization.(2)Summary of significant accounting policiesExpenditures 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. The Organization has elected not to use the 10 percent de minimis indirect rate as allowed under the Uniform Guidance. There were no awards passed through to subrecipients. The organization did not receive or expend federal awards in the form of non-cash assistance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.