Notes to SEFA
The accompanying schedule of expenditures of federal awards (“Schedule”) presents the activities in the federal award programs of Esther Gitlow Towers II Housing Development Fund Corp., under programs of the federal government for the year ended June 30, 2025. 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”). Because the Schedule presents only a selected portion of the operations of Esther Gitlow Towers II Housing Development Fund Corp., it is not intended to, and it does not, present the financial position, changes in net assets or cash flows of Esther Gitlow Towers II Housing Development Fund Corp.
Expenditures reported on the accompanying schedule of expenditures of federal awards are reported using 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.
The Project has elected not to use the 10% De Minimis indirect cost rate as allowed under the Uniform Guidance.
Federal housing assistance revenue presented in the accompanying schedule of expenditures of federal awards is included in net rental revenue in Esther Gitlow Towers II Housing Development Fund Corp.’s financial statements.
The programs tested as major programs in accordance with the requirements of the Uniform Guidance are: Section 202 Supportive Housing for the Elderly No. 14.157. Section 8 Housing Assistance Payments Program No. 14.195.
The balance of the Section 202 Capital Advances totaled $12,298,500 as of June 30, 2025