Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal award activity of Peninsula Housing Development, Inc., XVIII Golf View Apartments, HUD Project No 066-EE121-WAH (“Peninsula XVIII”). 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 XVIII, and therefore, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization.
Peninsula XVIII was financed by a mortgage note (capital advances) from HUD under Section 202 of the Housing Act of 1959. The capital advance balance outstanding at the beginning of the year was $7,083,300 and the Organization did not receive additional advances or loans 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 XVIII’s administration of federal financial assistance programs in the fiscal year