Notes to SEFA
Title: SUBRECIPIENTS
Accounting Policies: The accompanying schedule of expenditures of federal awards is a summary of the activity of the Villages federal award programs presented on the modified accrual basis of accounting in accordance with generally accepted accounting principles. Accordingly, revenues are recognized when the qualifying expenditure has been incurred and expenditures have been recognized when the fund liability has been incurred.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
Of the federal expenditures presented in this schedule, the Village provided federal awards to subrecipients from the Community Development Block Grant (ALN #14.218) in the amount of $743,954 and the Coronavirus State and Local Fiscal Recovery Funds (ALN #21.027) in the amount of $2,543,586.
Title: OTHER INFORMATION
Accounting Policies: The accompanying schedule of expenditures of federal awards is a summary of the activity of the Villages federal award programs presented on the modified accrual basis of accounting in accordance with generally accepted accounting principles. Accordingly, revenues are recognized when the qualifying expenditure has been incurred and expenditures have been recognized when the fund liability has been incurred.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
No noncash assistance was provided and no federal insurance was in effect.
Title: COMMUNITY DEVELOPMENT BLOCK GRANT LOANS (ALN#14.218)
Accounting Policies: The accompanying schedule of expenditures of federal awards is a summary of the activity of the Villages federal award programs presented on the modified accrual basis of accounting in accordance with generally accepted accounting principles. Accordingly, revenues are recognized when the qualifying expenditure has been incurred and expenditures have been recognized when the fund liability has been incurred.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The amount of loans outstanding at December 31, 2022 under the Community Development Block Grant program was $33,055 for first time homebuyers, $1,826,827 for development acquisition loans, $768,116 for single family rehabilitation loans and $157,600 for other deferred and non-deferred payment loans. These loans have no continuing compliance requirements outside of loan repayment.