Notes to SEFA
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Independent Living Horizons Four, Inc., HUD Project No. 061-HD026-WPD (the “Project”), 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 the Project, it is not intended to, and does not, present the financial position, changes in net assets, or cash flows of the Project.
The Project has received a U.S. Department of Housing and Urban Development direct loan under Section 811 of the National Affordable Housing Act. The loan balance outstanding, at the beginning of the year, of $1,449,000 is included in the federal expenditures presented in the Schedule. The Project received no additional loans during the year.