Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Counterpoint Commons (the Organization) 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 Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization.
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. The Organization has not elected to use the de minimis indirect rate allowed under the Uniform Guidance as the Schedule only includes forgivable loans and project rental assistance, which are not subject to indirect cost recoveries.
In accordance with the Uniform Guidance, included in the Schedule is a Section 811 loan payable to the US Department of Housing and Urban Development (HUD) which will be forgiven upon maturity, April 2036, if continuing use requirements are met. The loan’s HUD Regulatory Agreement contains use requirements which restrict use of the property to providing housing to individuals who have very low income and who have disabilities, as defined by HUD. The outstanding balance of the Section 811 loan was $760,500 as of June 30, 2025.