Notes to SEFA
Title: Note A - Basis of Presentation
Accounting Policies: 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. Broadwater Village has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Auditee elected not to ue the de minimis cost rate. N/A.
The accompanying schedule of expenditures of federal awards includes the federal award activity of Broadwater Village, HUD Project No. 093-44019-NP, and is presented on the accrual basis of accounting. The information in this 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 Broadwater Village, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Broadwater Village.
Title: Note C - U.S. Department of Housing and Urban Development Loan Program
Accounting Policies: 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. Broadwater Village has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Auditee elected not to ue the de minimis cost rate. N/A.
Broadwater Village has received a U.S. Department of Housing and Urban Development direct loan under Section 201 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. Broadwater Village received no additional loans during the year. Section 201 flex loan Balance at March 31, 2023 $496,375