Notes to SEFA
The accompanying Schedule is presented using the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and the City of Philadelphia, Pennsylvania Subrecipient Audit Guide, wherein certain types of expenditures are not allowable or are limited as toreimbursement.
The federal loan programs listed are administered directly by Northern, and the balance and transactions relating to these programs are included in Northern’s basic consolidated financial statements. Loans outstanding at the beginning of the year are included in the Schedule. The mortgage is secured by the property of Northern. The balance of the loans outstanding at June 30, 2025 consists of: