Title: NOTE A – BASIS OF PRESENTATION
Accounting Policies: NOTE A – BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Holy Trinity Villa, Inc. HUD Project No. 064-11082 and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Because the Schedule presents only a selected portion of the operations of Holy Trinity Villa, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Holy Trinity Villa, Inc.
NOTE B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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. Holy Trinity Villa, Inc. has elected not to use the 10 percent de minimis indirect rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: 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. Holy Trinity Villa, Inc. has elected not to use the 10 percent de minimis indirect rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Holy Trinity Villa, Inc. HUD Project No. 064-11082 and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Because the Schedule presents only a selected portion of the operations of Holy Trinity Villa, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Holy Trinity Villa, Inc.
Title: NOTE B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: NOTE A – BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Holy Trinity Villa, Inc. HUD Project No. 064-11082 and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Because the Schedule presents only a selected portion of the operations of Holy Trinity Villa, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Holy Trinity Villa, Inc.
NOTE B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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. Holy Trinity Villa, Inc. has elected not to use the 10 percent de minimis indirect rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: 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. Holy Trinity Villa, Inc. has elected not to use the 10 percent de minimis indirect rate as allowed under the Uniform Guidance.
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. Holy Trinity Villa, Inc. has elected not to use the 10 percent de minimis indirect rate as allowed under the Uniform Guidance.
Title: NOTE C – U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOAN PROGRAM
Accounting Policies: NOTE A – BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Holy Trinity Villa, Inc. HUD Project No. 064-11082 and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Because the Schedule presents only a selected portion of the operations of Holy Trinity Villa, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Holy Trinity Villa, Inc.
NOTE B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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. Holy Trinity Villa, Inc. has elected not to use the 10 percent de minimis indirect rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: 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. Holy Trinity Villa, Inc. has elected not to use the 10 percent de minimis indirect rate as allowed under the Uniform Guidance.
Holy Trinity Villa, Inc. has received a U.S. Department of Housing and Urban Development direct loan under Section 223 of the National Housing Act. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. Holy Trinity Villa, Inc. received no additional loans during the year. The balance of the loan outstanding at March 31, 2023 consists of: Assistance
Listing Outstanding Balance at
Number Program Name March 31, 2023
14.155 "Mortgage Insurance for the Refinancing of Existing
Multifamily Housing Projects" $3,036,538