Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of Harvard Place, Inc. (the Corporation), HUD Project No. 023-EE051, 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 the Corporation, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Corporation.
(1) 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 to reimbursement. (2) The Corporation has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The Section 202 capital advance (the Capital Advance) was received in a prior fiscal year and is included on the Schedule at the outstanding balance as of July 1, 2024 plus additional proceeds received in 2025 as it includes continuing compliance requirements from the U.S. Department of Housing and Urban Development. During fiscal year 2025, no additional proceeds were received and no payments were made on the Capital Advance. At June 30, 2025, the outstanding Capital Advance loan balance was $1,785,400.
There were no pass-through federal awards made to subrecipients by the Corporation during fiscal year 2025.