Notes to SEFA
The Schedule of Expenditures of Federal Awards (Schedule) presents the federal award activity of HFA HUD Properties, LLC. 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 HFA HUD Properties, LLC, it is not intended to and does not present the financial position, changes in net assets or cash flows of HFA HUD Properties, LLC.
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.
HFA HUD Properties, LLC has not elected to adopt the 10% indirect cost rate allowed under the Uniform Guidance.