Notes to SEFA
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Cassia and Support Corporations (the Corporation) and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the applicable 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 of expenditures of federal awards 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 assets, or cash flows of the Corporation. The Corporation’s consolidated financial statements include the operations of the Corporation’s controlled housing corporations, which received $16,345,594 in federal awards that are not included in the schedule of expenditures of federal awards for the year ended December 31, 2024. Our audit did not include the operations of the Corporation’s controlled housing corporations because the U.S. Department of Housing and Urban Development requires separate single audits to be performed on these entities in accordance with the Uniform Guidance.
The outstanding loan balance was $11,399,877 as of December 31, 2024.