Notes to SEFA
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Holiness Homes of Vision, HUD Project No. 071-EE182 (the Project), and is presented on the accrual basis of accounting which is the same basis of accounting used to prepare the Project’s financial statements. The information in this schedule is presented in accordance with the requirements of Uniform Guidance. The Project’s records should be consulted to determine amounts expended or matched from non-federal sources.
Expenditures represent only the federally funded portions of the programs. Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the basic financial statements.
During the year, the Project utilized a rent-free unit, provided by HUD, for the purpose of office and model apartment space. Office or Model Apartment Rent $19,700
The Project has a federal loan outstanding with the U.S. Department of Housing and Urban Development (HUD). The balance outstanding at December 31, 2024, was $8,507,800.
During the year, the Project did not use a federal indirect cost rate.