Notes to SEFA
The accompanying schedule of expenditures of federal awards, which includes the federal grant activity of Asbury Dwellings, Inc., is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts may differ from amounts presented in or used in the preparation of the basic financial statements.
The Corporation has waived the 10% de minimis cost requirement for the year ended December 31, 2023
The balance of the Supportive Housing for the Elderly Section 202 Direct Loan mortgage payable balance at December 31, 2023 is $6,647,832.