Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Episcopal Housing Foundation, Inc. (the Organization) under programs of the federal government for the year ended September 30, 2025. The information in this Schedule is presented in accordance with 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, changes in financial position, or cash flows of the Organization.
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.
The Organization is not reimbursed for indirect costs under any of its federal awards and does not use the 15 percent de minimis indirect cost rate allowed under the Uniform Guidance or any other indirect cost rate.
The mortgage with Berkadia is a Section 223(f) loan and was determined to be a Type A Federal Financial Assistance Program (ALN 14.155) based on the total amount as of September 30, 2025. The balance of the loan as of September 30, 2025 was $4,631,672.