Notes to SEFA
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of Interfaith Homes of Longmeadow Phase Two, Inc., 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 the 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 and OMB Circular A-122, Cost Principals for Non-profit Organizations wherein certain types of expenditures are not allowable or are limited as to reimbursement. Interfaith Homes of Longmeadow Phase Two, Inc. did not elect to use the de minimis cost rate.
The Project had a loan balance outstanding of $3,183,180 at September 30, 2025. This mortgage note payable is included in the federal expenditures presented in the Schedule.