Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Episcopal Housing of Birmingham, Inc. (the Project) under programs of the federal government for the year ended September 30, 2025. 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 for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Project, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Project.
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 federal loan program, HUD-insured Section 202 Capital Advance, listed subsequently, is administered directly by the Federal Housing Administration (FHA) of the Department of Housing and Urban Development. Balances and transactions relating to these programs are included in Episcopal Housing of Birmingham Inc.’s basic financial statements. Loans outstanding at the beginning of the year and loans received during the year are included in the federal expenditures presented in the Schedule. The balance of loans outstanding on September 30, 2025 consists of ALN 14.157 Section 202 Capital Advance and a balance of $2,255,700