Notes to SEFA
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of the Organization 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 Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization.
Expenditures 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.
The determination of the Type A (“major”) federal financial assistance program is based upon the balance of the U.S. Department of Housing and Urban Development loan balances at the beginning of the reporting period. The Organization received no additional loans during the year. The balance of the loans at December 31, 2024, consists of the following: Federal Assistance Listing Number Program Name Outstanding Balance 14.135 Mortgage Insurance Rental and Cooperative Housing for Moderate Income Families and Elderly, Market Interest Rate $ 15,275,651 14.164 Operating Assistance for Troubled Multifamily Housing Projects 1,937,105 $ 17,212,756 Federal Assistance Listing Number Program Name Outstanding Balance 14.135 Mortgage Insurance Rental and Cooperative Housing for Moderate Income Families and Elderly, Market Interest Rate $ 15,275,651 14.164 Operating Assistance for Troubled Multifamily Housing Projects 1,937,105 $ 17,212,756
The Organization has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.