Notes to SEFA
The accompanying schedule of expenditures of federal awards (the “Schedule”) presents the activities in all federal awards of Lincoln Towers Housing Development Fund Corporation (the “Organization”). All financial assistance received directly from federal agencies as well as financial assistance passed through other governmental agencies or nonprofit organizations are included on the Schedule.
Federal expenditures are reported on the statement of activities as operating expenses before depreciation. The expenditures reported in the basic financial statements may differ from the expenditures reported in the Schedule due to program expenditures exceeding grant or contract budget limitations or agency matching or in-kind contributions that are not included as federal awards.
The accompanying Schedule includes the federal award activity of the Organization under programs of the federal government for the year ended June 30, 2025. The information in the 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 Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization