Notes to SEFA
The accompanying schedule of expenditures of federal awards (SEFA) includes the federal award activity of the Organization under the programs of the federal government for the year ended June 30, 2025. The information in the SEFA 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 SEFA 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 SEFA 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 elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The Organization received a U.S. Department of Housing and Urban Development capital advance under Section 811 of the National Affordable Housing Act. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the SEFA. As of June 30, 2025, the outstanding balance was $1,021,800. The Organization received no additional loans during the year ended June 30, 2025.