Notes to SEFA
Federal awards revenues earned under the Project Rental Assistance Contract are reported in the Corporation’s Statement of Activities. The mortgage payable of $1,997,500 is reported in the Corporation’s Statement of Financial Position in long-term liabilities.
Amounts reported above agree with the amounts reported in the related federal financial reports except for changes made to reflect amounts in accordance with accounting principles generally accepted in the United States of America.
The Corporation did not have expenditures of federal awards to subrecipients.