Notes to SEFA
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Holly Ridge Apartments, Inc. 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 Holly Ridge Apartments, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Authority.
Holly Ridge Apartments, Inc. provided no federal awards to subrecipients during the fiscal year ending September 30, 2025.
Holly Ridge Apartments, Inc. received no federal awards of non-monetary assistance that are required to be disclosed for the year ended September 30, 2025. Holly Ridge Apartments, Inc. had loans outstanding of $1,133,427 which were guaranteed and therefore qualify as a part of the federal financial assistance. This loan is disclosed in the notes to the financial statements for September 30, 2025.