Notes to SEFA
Title: Note 3
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Jamestown Lutheran Housing Corporation dba: Lutheran Village at Jamestown (the Corporation) under programs of the federal government for the year ended June 30, 2023 and 2021. The information in this Schedule is presented in accordance with th erequirements of 2 CFR Part 200, Uniform Adminstrative Requirements, Cost Principles, and Audit Requirements for federal awards (Uniform Guidance). Because the schedule presents only a selected portion of the operations of the Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Corporation. Expenditures reported on the Schedule are reported on the accrual basis of accounting.
Such expenditures are recognized following, as applicable, either the cost principles in OMB Circular A-122, Cost Principles for Non-Profit Organizations, or the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal
course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
HUD Capital Advance - The balance of the HUD capital advance outstanding at the beginning of the year is included in the federal expenditures presented in the schedule. There were no additional HUD advances during the year. The balance of the HUD advance outstanding at June 30, 2022 was $3,149,800