Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Soda Creek Apartments, Inc. under programs of the federal government for the year ended June 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 Soda Creek Apartments, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Soda Creek Apartments, Inc.
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.
Soda Creek Apartments, Inc. has elected not to use the 15-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Soda Creek Apartments, Inc. has received a U.S. Department of Housing and Urban Development capital advance under Section 811 of the Cranston-Gonzalez National Affordable Housing Act. The capital advance balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. Soda Creek Apartments, Inc. received no additional capital advances during the year. The balance of the capital advance outstanding at June 30, 2025 is $1,272,700 under assistance listing number 14.181 and program name Section 811 Supportive Housing for Persons with Disabilities.