Notes to SEFA
The accompanying schedule of expenditures of federal awards includes the federal award activity of Liberty Georgian Arms Housing Development Fund Company, Inc. (Liberty Georgian Arms Apartments), HUD Project No. 014-35240 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 Liberty Georgian Arms Apartments, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Liberty Georgian Arms Apartments.
Liberty Georgian Arms Apartments did not elect to use the 10% de minimis cost rate for indirect costs.
Liberty Georgian Arms Apartments did not pass any federal funds to subrecipients for the initial period ended December 31, 2023.