Notes to SEFA
The accompanying schedule of expenditures of federal awards ("Schedule") includes the federal award activity of Glenview Elderly Housing, Inc., HUD Project No. 071-11160, 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 Glenview Elderly Housing, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Glenview Elderly 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.
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.
Glenview Elderly Housing, Inc. has received a U.S. Department of Housing and Urban Development direct loan under Section 207 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. Bethel Area Housing, Inc received no additional loans during the year. The balance of the loan outstanding December 31, 2024 consists of: CFDA Number Program Name Outstanding Balance at December 31, 2024 14.134 Mortgage Insurance - Rental Housing $ 4 ,227,893