Notes to SEFA
The accompanying schedule of expenditures of federal awards includes the federal award activity of St. Mark United Methodist Church Housing Foundation, Inc., HUD Project No. 071-11397, and is presented on the accrual basis of accounting. 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 Requirement, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of St. Mark United Methodist Church Housing Foundation, Inc., it is noted intended to and does not present the financial position, changes in net deficiency, or cash flows of St. Mark United Methodist Church Housing Foundation, Inc.
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. St. Mark United Methodist Church Housing Foundation, Inc. has elected not to use the 15-percent de minimis indirect cost rate allowed under the Uniform Guidance.
St. Mark United Methodist Church Housing Foundation, Inc has received a U.S. Department of Housing and Urban Development insurance mortgage under Section 233(f)/207 Mortgage Insurance for Refinancing of Existing Multifamily Rental Housing. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. The balance of the outstanding at June 30, 2025 consists of: