Notes to SEFA
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Everlasting Pine Housing Development Fund Company, Inc. and is presented on the accrual basis of accounting. 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 Requiremnets for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
On December 11, 1996, the Project entered into a Capital Advance/Building Loan Agreement under Section 202 of the National Housing Act of 1959 for the development of housing serving the elderly households. The advance to the Project was for $7,613,500. The balance due as of March 31, 2025 is $3,818,844.