Notes to SEFA
The Schedule of Expenditures of Federal Awards includes the federal grant activity of Portage Pines Nonprofit Corporation, FHA Project No. 047-11329 and is presented on the accrual basis of accounting. 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), wherein certain types of expenditures are not allowable or are limited as to reimbursement. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. The Project has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Portage Pines Nonprofit Corporation, FHA Project No. 047-11329 has received a U.S. Department of Housing and Urban Development direct loan under Section 223(f) of the National Housing Act. The mortgage proceeds provided during the year are included in the federal expenditures presented in the Schedule. In January 2025, the Project refinanced their mortgage. The proceeds received from the new U.S. Department of Housing and Urban Development insured mortgage totaled $1,778,200. The outstanding mortgage balance at June 30, 2025, consisted of: ALN Number Program Name Balance 14.155 Section 223(f) – Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects $ 1,772,565