Notes to SEFA
The accompanying schedule of expenditures of federal awards ("Schedule") includes the federal award activity of Sarasota Area Housing, Inc., HUD Project No. 067-EH273, 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 Sarasota Area Housing, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Sarasota Area Housing, Inc. For the year ended December 31, 2024, no awards were passed through to subrecipients. Under Government Auditing Standards and U.S. Department of Housing and Urban Development (HUD)'s Regulations, Supportive Housing for Persons with Disabilities is considered a major program.
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.
Embrace Living Development has other affiliates that have expended more than $750,000 in federal awards, which have separate OMB Uniform Guidance audits, which are not included in the accompanying schedule of expenditures of federal awards.
Sarasota Area Housing, Inc., has received a U.S. Department of Housing and Urban Development direct loan under Section 811 of the National Affordable Housing Act) from HUD under the American Recovery and Reinvestment Act of 2009. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. The balance of the loan outstanding December 31, 2024 consists of: CFDA Number Program Name Outstanding Balance at December 31, 2024 14.181 HUD Capital Advance $ 1 ,997,800