Notes to SEFA
The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Eastern Shore of Virginia Housing Alliance, Bailey Road Apartments Project. 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). Therefore, some amounts presented in this schedule may differ from amounts in, or used in the preparation of the basic financial statements.
The following are the outstanding loan balances as of December 31, 2024: Department of Agriculture $2,023,183, Virginia Housing Development Authority $700,000.