Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Albemarle Older Adult Housing, Inc., under programs of the federal government for the year ended September 30, 2025. 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 Albemarle Older Adult Housing, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Albemarle Older Adult Housing, Inc.
Expenditures reported on the Schedule related to the U.S. Department of Housing and Urban Development capital advance grant under Section 202 of the Housing Act of 1959. Loans outstanding at the beginning of the year are included in the federal expenditures presented in the Schedule. The balance of loans outstanding as of September 30, 2025 is $2,666,800.