Notes to SEFA
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Northfield Apartments, Inc. HUD Project No. 102HD006CMI, under programs of the federal government for the year ended June 30, 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), Audits of States, Local Governments, and Non-Profit Organizations. Because the schedule presents only a selected portion of the operations of the Organization, it is not intended to and does not present the net assets, changes in net assets, or cash flows of the Organization.
Northfield Apartments, Inc. has received a U.S. Department of Housing and Urban Development direct loan under Section 811 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. Northfield Apartments, Inc. received no additional loans during the year. The balance of the loan outstanding at June 30, 2025 consisted of: Federal Assistance Listing Number Program Name Outstanding Balance at June 30, 2025 14.181 Section 811 Capital Advance $ 834,900
The Organization did not receive any federal awards in the form of noncash assistance, insurance, loans, or loan guarantees and incurred no expenditures in relation thereof for the year ended June 30, 2025.