Notes to SEFA
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Council Towers II Housing Development Fund Corporation, HUD Project No.: 012-EE095, under programs of the federal government for the year ended December 31, 2024. 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 Council Towers II Housing Development Fund Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Council Towers II Housing Development Fund Corporation. For the year ended December 31, 2024, no awards were passed through to subrecipients.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Council Towers II Housing Development Fund Corporation has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Council Towers II Housing Development Fund Corporation has received a U.S. Department of Housing and Urban Development direct loan under Section 202 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. Council Towers V Housing Development Fund Corporation received no additional loans during the year. The balance of the loan outstanding at December 31, 2024, consists of: