Notes to SEFA
Title: NOTE C. U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT CAPITAL ADVANCE PR
Accounting Policies: NOTE B. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures 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. MapleVillage has elected not to use the 10 percent de minimis indirect cost rate as allowed under theUniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Maple Village has received a U.S. Department of Housing and Urban Development capital advanceunder Section 202 of the National Housing Act. The balance outstanding at the beginning of theyear is included in the federal expenditures presented in the schedule. Maple Village received noadditional advances during the year. The balance of the capital advance outstanding at June 30,2022 consists of:OutstandingAssistance Balance atListing Number Program Name June 30, 202214.157 Section 202 Capital Advance $ 1,450,401
Title: NOTE A. BASIS OF PRESENTATION
Accounting Policies: NOTE B. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures 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. MapleVillage has elected not to use the 10 percent de minimis indirect cost rate as allowed under theUniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards includes the federal award activity ofMaple Village and is presented on the accrual basis of accounting. The information in this scheduleis presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for FederalAwards (Uniform Guidance). Because the Schedule presents only a selected portion of theoperations of Maple Village, it is not intended to and does not present the financial position,changes in net assets, or cash flows of Maple Village.