Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards included herein represents the federal grant awards of Peninsula Housing Development, Inc., IX Princeton Manor Apartments, HUD Project No 066 – EE103-WAH (“Peninsula IX”). 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”). The Schedule presents only a selected portion of the operations of Peninsula IX, and it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization.
Peninsula IX was financed by a mortgage note (capital advances) from HUD under Section 202 of the Housing Act of 1959 and loan from the Home Investment Partnership Program from Miami Dade County. The balance outstanding at the beginning of the year was $10,394,101 for the capital advance and $406,381 for the Home Investment Partnership Program loan, respectively, and no additional loan was received during the year. The amounts shown represent the current balances owed as of March 31, 2025. All Federal grant operations of the Organization are 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”).
There were no other audits performed by federal grantor agencies or by sub-grantor organizations of Peninsula IX’s administration of federal assistance programs in fiscal year 2025.