Notes to SEFA
The accompanying schedule of expenditures of federal awards includes the federal award activity of St. George’s Court, Inc., HUD Project No. 061-11265, 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 Corporation, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Corporation.
Expenditures reported on the schedule 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 Corporation has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
St. George’s Court, Inc. has a loan insured by the U.S. Department of Housing and Urban Development under Section 207 pursuant to Section 223(f) of the National Housing Act. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the schedule. The Corporation received no additional loans during the year. The balance of the loan outstanding as of September 30, 2025, consists of: Federal CFDA Amount Number Cluster/Program Title Outstanding 14.155 Mortgage Insurance for the Refinancing of Existing Multifamily Housing Projects $4,690,899