Notes to SEFA
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Homestead Homes of Greensboro, Inc. and is presented on the accrual basis of accounting. 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 Homestead Homes of Greensboro, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Homestead Homes of Greensboro, Inc.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Homestead Homes of Greensboro, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Section 202 Capital Advance represents the outstanding balance as of the audit date. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. Homestead Homes of Greensboro, Inc. received no additional loans during the year. The balance of the loan outstanding at June 30, 2025, consists of: Assistance Listing Number - 14.157, Program Name - Section 202 Capital Advance, Outstanding Balance at June 30,2025 - $2,799,500.