Notes to SEFA
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of Grange Acres III/IV Nonprofit Housing Corporation, HUD Project No. 047-EH001, under programs of the federal government for the year ended June 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 Grange Acres III/IV Nonprofit Housing Corporation, it is not intended to and does not present the financial position, changes in net assets or cash flows of Grange Acres III/IV Nonprofit Housing Corporation.
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. Negative amounts (if any) shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented where available. Grange Acres III/IV Nonprofit Housing Corporation has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Grange Acres III/IV Nonprofit Housing Corporation has received a U.S. Department of Housing and Urban Development direct loan under Section 223(f) of the National Housing Act. The loan balance at the beginning of the year is included in the federal expenditures presented in the Schedule. Grange Acres III/IV Nonprofit Housing Corporation received no additional loans during the year. The balance of the loan consists of: