Notes to SEFA
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Bivins Village, HUD Project No. 133-EE017, and is presented on the accrual basis of accounting. 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements. Federal grant funds are considered to be earned to the extent of expenditures made under the provisions of the grant and, accordingly, when such funds are received, they are recorded as deferred revenues until earned. Bivins Village, HUD Project No. 133-EE017 has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance
Bivins Village, HUD Project No. 133-EE017, had the following capital advance balance outstanding at August 31, 2025. This capital advance is included in the federal expenditures presented in the Schedule of Expenditures of Federal Awards. Program Title Federal Assistance Listing Number Amount Outstanding U.S. Department of 14.157 $4,293,000 Housing and Urban Development
The amounts reported in the SEFA are reconciled to the financial statements as follows: Total expenditures per the SEFA $ 4,586,314 Less: expenditures not recognized in federal revenue in the financial statements: Federal Assistance listing number 14.157-Section 202 Capital Advance recorded in liabilities on Statements of Financial Position (4,293,000) Add: revenues of financial statements but excluded from the SEFA: Rent Revenues 198,462 Rent Revenue per Statement of Activities $ 491,776