Notes to SEFA
1. BASIS OF PRESENTATION The accompanying schedule of expenditures of federal awards includes the federal grant activities of Laurel Trace, Inc. (the “Organization”). 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 the Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization.
4. LOANS The Organization has the following loan balances outstanding at June 30, 2025: Additional Assistance Original Loan Listing Loan Balance at Funding Balance at Number Description Balance June 30, 2024 (Forgiveness) June 30, 2025 14.181 Supportive Housing for Persons with Disabilities (Section 811) Capital Advance $ 1,167,600 $ 1,167,600 $ - $ 1,167,600 14.239 Home Investment Partnerships Program $ 140,000 $ 140,000 $ - $ 140,000
5. CONTINGENCY Expenditures incurred by the Organization are subject to audit and possible disallowance by federal agencies. Management believes that, if audited, an adjustment for disallowed expenses would be immaterial.