Notes to SEFA
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Taino Towers under programs of the federal government for the year ended February 28, 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 Taino Towers, it is not intended to and does not present the financial position, changes in net assets or cash flows of Taino Towers.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement
Taino Towers has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
No federal expenditures presented in this schedule were provided to subrecipients.
Taino Towers has U.S. Department of Housing and Urban Development two direct loans under Section 236 of the National Housing Act. The loans balances outstanding at the beginning of the year are included in the federal expenditures presented in the Schedule. Taino Towers received no additional loans during the year. The balance of the loans outstanding at February 28, 2025 consists of: Federal Assistance Listing Number Program name Outstanding balances at 02/28/25 14.103 Interest reduction payments rental and cooperative housing for lower income families $ 35,764,017