Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) summarizes the expenditures of South Metro Homes, Inc. HUD Project NO. 061-HD013-WDD under programs of the Federal government for the year ended June 30, 2024. The information in this schedule is presented in accordance with the provisions of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost accounting principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Capital Advance is described in Note 5 to the financial statements.