Notes to SEFA
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Friendship Manor Corporation, HUD Project No. 105-11052, 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 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 Friendship Manor Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Friendship Manor Corporation.
Friendship Manor Corporation has received a U.S. Department of Housing and Urban Development Section 223(f) loan under Section 207 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. Friendship Manor Corporation received no additional loans during the year. The balance of the loan outstanding at September 30, 2024 consists of: Federal Assistance Listing Number 14.134 Program Name Section 223(f) Loan Outstanding Balance at September 30, 2024 $2,887,627