Notes to SEFA
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of Willard Manor (the “Project”), HUD Project Number 017-EH-173 under programs of the federal government for the year ended September 30, 2025. 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 Project, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Project.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
For the year ended September 30, 2025, the Project did not elect to use the 10% minimis indirect cost rate allowed in the Uniform Guidance, section 414.
The Project has received a U.S Department of Housing and Urban Development insured loan under Section 231 of the National Housing Act. The loan balance at the beginning of the period is included in the federal expenditures presented in the Schedule. The balance of the loan outstanding under Federal Assistance Listing Number #14.138 is $3,228,154 and $3,307,820 as of September 30, 2025 and 2024, respectfully.