Notes to SEFA
The schedule of expenditures of federal awards includes the federal award activity of the Organization and is presented on the accrual basis of accounting. This information 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.
The Organization does not charge indirect costs to the grants included on the schedule of expenditures of federal awards and as such, has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The Organization entered into a Capital Advance Financing agreement with HUD dated May 5, 2004. Under the agreement, the facility financing was provided by capital advances totaling $1,296,100, which are secured by a mortgage on the facility. The mortgage bears no interest and is only repayable if the facility does not remain available for low-income eligible persons as approved by HUD for a period of no less than 40-years.