Notes to SEFA
Title: NONCASH AWARDS
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards has been prepared in accordancewith accounting principles generally accepted in the United States of America as promulgated byGASB. It is a summary of the activity of the Villages federal award programs prepared on theaccrual basis of accounting. Accordingly, expenditures are recognized when the liability has beenincurred and revenues are recognized when the qualifying expenditure has been incurred.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
There was no noncash assistance reported in the Schedule of Expenditures of Federal Awards.
Title: OTHER INFORMATION
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards has been prepared in accordancewith accounting principles generally accepted in the United States of America as promulgated byGASB. It is a summary of the activity of the Villages federal award programs prepared on theaccrual basis of accounting. Accordingly, expenditures are recognized when the liability has beenincurred and revenues are recognized when the qualifying expenditure has been incurred.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
There was no insurance, loans, or loan guarantees related to federal awards reported in the Schedule of Expenditures of Federal Awards.
Title: OUTSTANDING FEDERAL LOANS
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards has been prepared in accordancewith accounting principles generally accepted in the United States of America as promulgated byGASB. It is a summary of the activity of the Villages federal award programs prepared on theaccrual basis of accounting. Accordingly, expenditures are recognized when the liability has beenincurred and revenues are recognized when the qualifying expenditure has been incurred.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
There are no outstanding loans with federal compliance as of March 31, 2022.
Title: SUBRECIPIENTS
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards has been prepared in accordancewith accounting principles generally accepted in the United States of America as promulgated byGASB. It is a summary of the activity of the Villages federal award programs prepared on theaccrual basis of accounting. Accordingly, expenditures are recognized when the liability has beenincurred and revenues are recognized when the qualifying expenditure has been incurred.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Village had no subrecipients for the year ended March 31, 2022.