Notes to SEFA
Title: Capital Advance
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the "Schedule") includes the federal assistance activity of The Villa at Meadow View, Inc. (the "Organization") under programs of the federal government for the year ended June 30, 2022. 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 the Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of The Villa at Meadow View, Inc.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
Included in Supportive Housing for the Elderly is the cumulative amount of the capital advance received from the U.S. Department of Housing and Urban Development ("HUD"). HUDrequires the Organization to comply with requirements identified in the regulatory agreements with the Organization for forty years under the Capital Advance Program.The balance of the capital advance outstanding with continuing compliance requirements under federal loan guarantee programs include those amounts received from HUD. Thebalance of this capital advance outstanding at June 30, 2022 under the Supportive Housing (CFDA #14.157) for the Elderly is $5,717,944.