Notes to SEFA
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Heart Housing, Inc., HUD Project No. 061‐EH180‐L8‐WAH, under programs of the federal government for the year ended May 31, 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 Heart Housing, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Heart Housing, 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.
Heart Housing, Inc. has a loan under Section 223(F) insured by U.S. Department of Housing and Urban Development. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. Heart Housing, Inc. received no additional loans during the year. The balance of the loan outstanding at May 31 , 2025 consists of: Assistance Listing Number Program Name Outstanding balance at 5/31/2025 14.155 Section 223(F) $ 1,098,574
Heart Housing, Inc. has elected not to use the 10% de minimus indirect cost rate as allowed under the Uniform Guidance.
None of the expenditures reported on the schedule were passed through to subrecipients.