Notes to SEFA
The accompanying schedule of expenditures of federal awards ("Schedule") includes the federal award activity of Bayonet Point Area Housing, Inc, HUD Project No. 067EH301, 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 Bayonet Point Area Housing, Inc, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Bayonet Point Area Housing, Inc 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.
Bayonet Point Area Housing, Inc. has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Bayonet Point Area Housing, Inc, has received a U.S. Department of Housing and Urban Development direct loan under Section 202 of the National Affordable Housing Act. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. Bayonet Point Area Housing, Inc received no additional loans during the year. The balance of the loan outstanding December 31, 2024 consists of: Assistance Listing Number Program Name Outstanding Balance at December 31, 2024 14.157 Supportive Housing for the Elderly - capital advances $ 3 ,591,000