Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal award activity of the Elizabeth City State Housing Foundation (the “Foundation”) under programs of the federal government for the year ended June 30, 2025. The information in the 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 the Foundation, it is not intended to, and does not, present either the financial position, changes in net position, or cash flows of the Foundation.
The Foundation did not receive any material noncash federal awards during the year ended June 30, 2025.
These award programs are subject to financial and compliance audits by grantor agencies. The amount, if any, of expenditures that may be disallowed by the grantor agencies cannot be determined at this time, although the Foundation expects such amounts, if any, to be immaterial.
Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule. The balance of loans outstanding at June 30, 2025 under the Community Facilities Loans and Grants Program is $18,191,414, which consists of the beginning balance as shown in the Schedule and payments of $401,859 made during the year.
In accordance with Uniform Guidance, large loans are included in the base in considering Type A major programs and from the calculation the threshold used to determine Type A programs.