Notes to SEFA
The Schedule of Expenditures of Federal Awards (the "Schedule") includes the federal award activity of the Community Retirement Village (the "Village") under programs of the federal government for the year ended. 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 ("The Uniform Guidance "). Because the Schedule presents only a selected portion of the operations of the Village, it is not intended to, and does not, present the financial position or change in financial position of the Village.
The Village was approved by the United States Department of Agriculture to receive multiple federal loans totaling up to $2,695,127. The loans are to aid in funding construction projects to update and expand low-income housing units. The amount listed for these loans includes the beginning balance of the loans plus proceeds received during the year. Proceeds expended during the year are included in the Schedule. The total balance on all federal loans as of the period ended is $2,755,429.