Notes to SEFA
Federal and city award expenditures are reported on the consolidated statements of activities as program services expenses. In certain programs, the expenditures reported in the basic consolidated financial statements may differ from the expenditures reported in the schedule of expenditures of federal and city awards due to program expenditures exceeding grant or contract budget limitations which are not included as federal and city awards.
The mortgage balances at the beginning of the year and loans made during the year included in the federal expenditures presented in the Schedule. The balance of the outstanding federally funded mortgage balances as of May 31, 2025 is as follows: See the Notes to the SEFA for chart/table