Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Louie Street Apartments, Inc. under programs of the federal government for the year ended June 30, 2025. The information in this Schedule is presented in accordance with the requriements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Rquirements, Cost Principles and Audit Requirements for Federal Awards (unifrm Guidance). Because the Schedule presents only a selected portion of the operations of Louie Street Apartments, Inc., it is not intended to an does not present the financial position, changes in net position or cash flows of Louie Street Apartments, Inc.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost priniciples contained in the Uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to reminbursement.