Notes to SEFA
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of UPARC Apartments, Inc. (the “Project”) under programs of the federal government for the year ended September 30, 2024. 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 of Federal Awards (“Uniform Guidance”). Because the Schedule presents only a selected portion of the operations of UPARC Apartments, Inc., it is not intended to and does not present the financial position, changes in net assets or cash flows of UPARC Apartments, Inc.
The Project’s loans outstanding at the beginning of the year and loans made during the year are included in the Schedule as federal expenditures. The outstanding balances of these loans as of September 30, 2024 were as follows: