Notes to SEFA
The accompanying schedule of expenditures of federal awards includes the federal award activity of Olive Avenue Apartments, Inc., HUD Project No. 121-HD023, 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 Olive Avenue Apartments, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Olive Avenue Apartments, Inc.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principals contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Olive Avenue Apartments, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Loan balances outstanding as of June 30, 2024 are as follows: Supportive Housing for the Persons with Disabilities Capital Advance Mortgage $1,511,300 HOME Investment Partnership Program Loan $452,000