Notes to SEFA
The accompanying schedule of expenditures of federal awards includes the federal award activity of The Salvation Army Oceanside Residences, Inc, HUD Project 129-11047 and is prepared on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements 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 Project, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Project.
The Project has a mortgage insured under Section 223(f) Mortgage Insurance for the Refinancing of Existing Multifamily Housing Projects. The loan balance outstanding at the beginning of the year or inception, if refinanced during the year, is included in the federal expenditures presented in the Schedule. The balance of the mortgage at September 30, 2025 is $1,510,810.