Notes to SEFA
Title: Basis of Presentation
Accounting Policies: (1) Expenditures 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. (2) Phoenix Villa, Inc. HUD Project No. 075-11046-REF has not elected to use the 10 percent de minimis indirect cost rate as allowed under Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: N/A
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Phoenix Villa, Inc. HUD Project No. 075-11046-REF under the programs of the federal government for the year ended March 31, 2023. The information in the 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 Phoenix Villa, Inc. HUD Project No. 075-11046-REF, it is not intended to and does not present the financial position, changes in net assets or cash flows of Phoenix Villa, Inc. HUD Project No. 075-11046-REF.
Title: Balance of Outstanding Loans
Accounting Policies: (1) Expenditures 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. (2) Phoenix Villa, Inc. HUD Project No. 075-11046-REF has not elected to use the 10 percent de minimis indirect cost rate as allowed under Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: N/A
The loan program listed subsequently is administered directly by of Phoenix Villa, Inc. HUD Project No. 075-11046-REF and balances and transactions relating to this program are included in Phoenix Villa, Inc. HUD Project No. 075-11046-REF’s basic financial statements. Loans outstanding at the beginning of the year are included in the federal expenditures presented in the Schedule of Expenditures of Federal Awards. The balance of loans outstanding at March 31, 2023 consists of a HUD insured mortgage payable, a CFDA number of 14.134 and an outstanding balance of $8,039,564. There were no additional loans received during the year.
Title: Subrecipients
Accounting Policies: (1) Expenditures 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. (2) Phoenix Villa, Inc. HUD Project No. 075-11046-REF has not elected to use the 10 percent de minimis indirect cost rate as allowed under Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: N/A
Phoenix Villa, Inc. HUD Project No. 075-11046-REF does not have any subrecipients or subrecipient expenditures.