Notes to SEFA
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of Faith Residence Apartments, Inc. (HUD Project No. 092-HD059) (the “Project”) under programs of the federal government for the year ended September 30, 2025. The information in the Schedule is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the “Uniform Guidance”). Because the Schedule presents only a selected portion of the operations of Faith Residence Apartments, Inc. (HUD Project No. 092-HD059), it is not intended to and does not present the financial position, changes in net assets, or cash flows of Faith Residence Apartments, Inc. (HUD Project No. 092-HD059).
Faith Residence Apartments, Inc. received a capital advance from the U.S. Department of Housing and Urban Development under Section 811 of the National Housing Act that has been accounted for as a contribution and is reported in net assets with donor restrictions in the Project’s financial statements. The capital advance balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. The Project received no additional capital advances during the year. The balance of the capital advance outstanding at September 30, 2025, was $965,500.
The Project passed no federal awards through to subrecipients.