Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of HUD Project No. 127-11202 under programs of the federal government for the year ended March 31, 2025. 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 Garden Terrace Senior Living, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Garden Terrace Senior Living.
Garden Terrace Senior Living has received a U.S. Department of Housing and Urban Development direct loan under Section 223(f) 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. Garden Terrace Senior Living received no additional loans during the year. The balance of the loan outstanding at March 31, 2025 consists of: CFDA Outstanding Balance at Number Program Name March 31, 2025 14.155 Mortgage insurance for the purchase or refinancing of existing multifamily housing projects $4,076,945
Beginning Ending Balance Activity Balance U.S. Department of Housing and Urban Development Mortgage insurance for the purchase or refinancing of existing multifamily housing projects $4,177,247 $(100,302) $4,076,945 Flexible subsidy program $137,618 $- $137,618