Notes to SEFA
The schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Woodysun Housing Development Fund Corporation (the “Company”), 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 the 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 Woodysun Housing Development Fund Corporation, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Company.
The Company’s mortgage is insured by the U.S. Department of Housing and Urban Development under Section 207 pursuant to Section 223(f) of the National Housing Act. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. The balance of the mortgage outstanding at December 31, 2024 is $4,436,717.