Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards includes the grant activity of Academy Place Housing Development Fund Company, Inc. under programs of the federal government for the year ended July 31, 2024. 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). Therefore, some of the amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic consolidated financial statements.
Expenditures reported in the Schedule are presented 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 area limited as to reimbursement.
During the period January 2009 through December 2011, the total amount of $1,938,100 was expended for the Academy Place Apartments project referenced in Note 11. The Department of Housing and Urban Development (HUD), as a means of protecting its interest in a capital advance, requires a note and mortgage for a 40-year term. This note and accrued interest of $121,939, are receivables of Academy Place Housing Development Fund Company, Inc., are reported as liabilities on the balance sheet of Academy Place Apartments, L.P. The principal and interest are not required to be repaid and the note is forgiven at maturity, as long as housing is provided for the designated class of people in accordance with applicable HUD requirements. The full outstanding balance of $1,938,100 on the note is considered Federal awards expended, included in determining Type A programs, and reported as loans on the Schedule of Expenditures of Federal Awards or accompanying notes in accordance with the Uniform Guidance.
Indirect costs are included in the reported expenditures to the extent such costs are included in the federal financial reports used as the source for the data presented. The Organization has not elected to use the 10% de minimis indirect cost rate as permitted under Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Indirect costs are included in the reported expenditures to the extent such costs are included in the federal financial reports used as the source for the data presented.