Notes to SEFA
The accompanying Schedule of Expenditures of Federal and Other Awards (Schedule) includes the federal award activity of the Organization under programs of the federal government of the year ended December 31, 2022. The information in the 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in, the preparation of the basic financial statements. Because the Schedule presents only a selected portion of the operations of the Organization, it is not intended to and does not present the net financial position, changes in net assets or cash flows of the Organization. All federal awards received directly from federal agencies as well as federal financial awards passed through other agencies are included on the Schedule.
It was subsequently discovered that $1,049,436 of deferred revenue from December 31, 2021 was excluded from the Schedule of Expenditures of Federal Awards which understated expenditures by this amount for the year ended December 31, 2022. Also the deferred revenue amount for the year ended December 31, 2022 was determined to be understaed by $25,534, thereby overstating expenditures by $25,534.
The accompanying Schedule includes federal expenditures of $6,718,036 for COVID-19 Emergency Rental Assistance contract #85235 for the year ended December 31, 2022. Federal grant revenue associated with this grant contract recognized in the accompanying statement of activitis is $6,743,570. The excess $25,534 of federal grant revenue will be offset against federal expenditures in subsequent year.