Notes to SEFA
Title: Note 4: Capital Advance Balance
Accounting Policies: Note 1: Basis of Presentation This schedule of expenditures of federal awards includes the federal award activity of Las Villas de Magnolia, Inc. under programs of the federal government for the year ended December 31, 2022. 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 Audits for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Las Villas de Magnolia, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Las Villas de Magnolia, Inc. Note 2: Summary of Significant Accounting Policies Expenditures reporting 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.
De Minimis Rate Used: N
Rate Explanation: Note 3: Indirect Cost Rate Las Villas de Magnolia, Inc. has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Las Villas de Magnolia, Inc.’s capital advance balance outstanding as of December 31, 2022, was $5,795,300 and is included in the federal expenditures presented in the schedule.