Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Looking Upwards, Inc. and Affiliates (the Organization) 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 Organization, it is not intended to and does not present the consolidated financial position, changes in net assets or cash flows of the Organization.
The Organization received funding from the U.S. Department of Housing and Urban Development in the current and prior years. The funding has been included in the accompanying schedule of expenditures of federal awards in consideration of the fact that the federal programs from which the funding originates impose continuing compliance requirements on the use of the properties acquired and rehabilitated for specified periods ranging from 10 to 40 years.