Notes to SEFA
The accompanying schedule of expenditures of federal awards (the “Schedule”) presents the activities in all the federal financial assistance programs of Community Options Properties, Inc., HUD Project No. 035-HD-013-WDD (the “Project”) 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. There was no pass-through entities for the year ended June 30, 2025.
Federal awards expenditures are reported on the statements of activities as program and administrative expenses. In certain programs, the expenditures reported in the basic financial statements may differ from the expenditures reported in the schedule of expenditures of federal awards due to program and administrative expenditures exceeding grant or contract budget limitations, revenues earned, or capitalization policies required by accounting principles generally accepted in the United States of America which are not included as federal awards.
The Project was financed by a capital advance from HUD in the amount of $737,768. The advance is secured by an enforcement mortgage on the property. The mortgage, which matures in March 2036, bears no interest, and repayment is not required so long as the housing remains available to eligible low-income persons. There was no change in the capital advance from June 30, 2024 to June 30, 2025.