Notes to SEFA
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Lincoln Avenue Apartments, Inc. under programs of the federal government as of and 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 (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 the Corporation, it is not intended to and does not present the financial position, changes in net assets or cash flows of Lincoln Avenue Apartments, Inc.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in OMB Circular A-122, "Cost Principles for Non-Profit Organizations" or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. are recognized following the cost principals contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Lincoln Avenue Apartments, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Lincoln Avenue Apartments, Inc. has elected not to use the 15% de minimis indirect cost rate allowed under Uniform Guidance.
Lincoln Avenue Apartments, Inc. received a capital advance mortgage loan under the Section 811 of the National Affordable Housing Act Supportive Housing for Persons with Disabilities Program. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. The loan balance as of September 30, 2025, is $951,900. -