Notes to SEFA
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of the Corporation 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 the Corporation, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Corporation.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. The Corporation has elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The CDBG Special Needs Rental Housing for the Elderly loan was received indirectly by the JCHA Housing and Development Corporation from Jefferson County, AL. The loan balance at the beginning of the year of $97,547 is included as federal expenditures presented in the Schedule. The loan balance at the end of the year amounted to $82,294.
The HOME Investment Partnerships Program (HOME Program) loans were received indirectly by the JCHA Housing and Development Corporation from Jefferson County, AL. The loan balances at the beginning of the year of $7,432,939 is included as federal expenditures presented in the Schedule. The loan balances at the end of the year totaled $7,312,117.