Notes to SEFA
The accompanying schedule of expenditures of federal awards is prepared on the accrual basis of accounting.
The (*) to the right of a ALN identifies the grant as a major federal program as defined by OMB Uniform Guidance.
The amounts shown as current year expenditures represent only the federal portion of the actual program costs. Actual program costs, including the housing Corporation's portion, may be more than shown.
For the year ended June 30, 2025, the Corporation did not elect to use the 10% de minimis indirect cost rate allowed in the Uniform Guidance, section 414.
The Corporation received a Capital Grant and a Community Development Block Grant from the U.S. Department of Housing and Urban Development. The grant balances outstanding at the beginning of the year are included in the federal expenditures presented in the Schedule. The grant balances at June 30, 2024, consists of: 14.181 Section 811 Capital Grant $1,236,900 and 14.218 Community Development Block Grant $387,905.