Notes to SEFA
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Immacolata Manor Homes, Inc., HUD Project No. 084-HD031-WDD (the Corporation) and is presented on the accrual basis of accounting. The information presented in this schedule is in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
HUD reserves the right to conduct additional audits of the Corporation’s grant program for economy and efficiency and program results that may result in disallowed costs to the Corporation. However, management does not believe such audits would result in any disallowed costs that would be material to the Corporation’s financial position at June 30, 2025.
The Corporation does not allocate indirect costs, and therefore has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The Corporation has a Capital Advance Agreement with HUD in the amount of $1,240,200 for funding the Corporation to construct housing for developmentally disabled adults. The advance shall bear no interest and is repayable only if the property does not remain available for very low-income eligible individuals as approved by HUD, for no less than 40 years following substantial completion as defined by HUD.