Notes to SEFA
The accompanying schedule of expenditures of federal awards presents the activity of all federal awards of the Organization. The Organization is defined in Note 1 of the basic financial statements. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). All federal awards received directly from federal agencies, as well as federal awards passed through other government agencies is included on the schedule of expenditures of federal awards.
The Section 8 assistance is to help eligible low-income families or individuals to obtain decent, safe, and sanitary housing through a system of rental subsidies. Federal expenditures under this Section 8 assistance program are equal to the current year rental assistance. Therefore, the following is a reconciliation of the federal expenditures reported on the schedule of expenditures of federal awards to the financial statements: Rental assistance (federal expenditures) - Section 8: $2,724,989, Tenant Rent: $ 1,545,451, Less: Vacancy Loss, adjustments and wrie-offs: $(119,504), Less rental concession: $(16,435), Excess rents: $1,920, Rental Income: $ 4,136,421.
Amounts reported in the accompanying schedule agree with amounts reported in the related financial reports.
Major programs are identified in the Schedule of Findings and Questioned Costs section.
Grantor agencies reserve the right to conduct additional audits of the Organization’s grant program for economy, efficiency and program results. However, management does not believe such audits would result in material amounts of disallowed costs.