Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal awards activities of G.I.S. Housing V, Inc. (the Project), HUD Project No. 067-EE008 FL 29-S911-010, under programs of the federal government for the year ended June 30, 2025. The information in this Schedule is presented in accordance with the requirements of 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 the Project, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Project.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or limited as to reimbursement.
The Project did not elect to use the 10% de minimis indirect cost rate allowed by the Uniform Guidance.