Notes to SEFA
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Big Sky Apartments, HUD Project No. 093-11011, 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). Because the Schedule presents only a selected portion of the operations of Big Sky Apartments, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Big Sky Apartments.
Big Sky Apartments refinanced a U.S. Department of Housing and Urban Development Section 223(f) loan under Section 207 of the National Housing Act during the year ended September 30, 2016. The refinanced loan amount is included in the federal expenditures presented in the Schedule. The balance of the loan outstanding on September 30, 2025 consists of: Federal Assistance Listing Number 14.155; Program Name Section 223(f) Direct Loan; Outstanding Balance at September 30, 2025 $1,619,141