Notes to SEFA
The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activity of the Red Lake Senior Apartment Center, Inc. (the Organization) under programs of the federal government for the year ended September 30, 2025. The 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 (Uniform Guidance). Because the schedule presents only a selected portion of the operations of the Organization, it is not intended to and does not present the financial position or changes in net position of the Organization.
Expenditures reported in 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. No federal financial assistance has been provided to a subrecipient.
The Organization does not draw for administrative costs and has not elected to use the 10% de minimis cost rate.
The balances and transactions related to the Section 202 Capital Advance, Assistance Listing Number 14.157, are included in Red Lake Senior Apartment Center, Inc.'s basic financial statements. The outstanding balance of the HUD 202 capital advance was $2,126,100 as of September 30, 2025.