Notes to SEFA
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Triangle Elderly Housing Corporation 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 Triangle Elderly Housing Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Triangle Elderly Housing Corporation.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Triangle Elderly Housing Corporation has elected not to use the 10-percent de minimis indirect cost rate allowed under Uniform Guidance.
The Section 223(f) Loan represents the outstanding balance as of the balance sheet date. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. Triangle Elderly Housing Corporation received no additional loans during the year. The balance of the loan outstanding at December 31, 2024, consists of: Asst. Listing Number - 14.155, Program Name - Section 223(f) Loan, Outstanding Balance December 31, 2024 - $2,325,745.