Notes to SEFA
The accompanying schedule of expenditures of federal awards ("Schedule") includes the federal award activity of Single Room Occupancy Housing Corporation ("SRO"), 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 SRO, it is not intended to and does not present the financial position, changes in net assets, or cash flows of SRO. For the year ended June 30, 2025, no awards were passed through to subrecipients.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, the cost principles contained in the UniformGuidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
SRO has elected to use the 10% de minimus indirect cost rate as allowed under the Uniform Guidance.