Notes to SEFA
The accompanying schedule of expenditures of federal awards includes the federal award activity of 54th Street Corporation, Inc. and is presented on the accrual basis of accounting. 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 54th Street Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of 54th Street Corporation, Inc.
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.
54th Street Corporation, Inc. has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
54th Street Corporation has received a U.S. Department of Housing and Urban Development Capital Advance under Section 811 of the National Housing Act. The balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. 54th Street Corporation, Inc. received no additional Capital Advances during the year. The balance of the Capital Advance at June 30, 2025 is $1,099,957.