Notes to SEFA
The accompanying schedule of expenditures of federal awards includes the federal award activity of QLS Gardens, Inc. and is presented on the accrual basis of accounting. The information in this schedule is presented 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 (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of QLS Gardens, Inc. it is not intended to and does not present the financial position, changes in net assets, or cash flows of QLS Gardens, Inc.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. QLS Gardens, Inc. has elected not to use the 10 percent de minimus indirect cost rate as allowed under Uniform Guidance.
QLS Gardens, Inc. has awarded no subrecipient contracts.
The balance outstanding on the mortgage insured by HUD under Section 223(F) at December 31, 2024 is $4,353,670. Balances from loans made under the HOME Investment Partnership Program in previous years and outstanding at December 31, 2024 total $1,628,050.