Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Salem Village III, Inc. (the Project) 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). Because the Schedule presents only a selected portion of the operations of the Project, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Project.
The assisted living conversion grant agreement balance at the beginning of the year is included in the federal expenditures presented in the Schedule. This is also the balance at June 30, 2025.
The mortgage balance at the beginning of the year is included in the federal expenditures presented in the Schedule. The mortgage balance at June 30, 2025 is as follows: Program Name - Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects, Federal Assistance Listing Number - 14.155, Outstanding Balance - $6,529,585