Notes to SEFA
The accompanying schedule of expenditures of federal awards includes the federal award activity of Housing Foundation of Huntsville, Inc., HUD Project No. 062-11128, 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 Housing Foundation of Huntsville, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Housing Foundation of Huntsville, Inc.
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. Housing Foundation of Huntsville, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Housing Foundation of Huntsville, Inc. has received a U.S. Department of Housing and Urban Development direct loan under Section 207/223(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. Housing Foundation of Huntsville, Inc. received no additional loans during the year. The balance of the loan outstanding at August 31, 2025, consists of: 14.155 Section 207/223f Loan; outstanding balance 8/31/25 $2,299,695.