Notes to SEFA
The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of Vantage Court, Inc. (Property), HUD Project No. 033-EE132, and 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 of Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Property, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Property.
The Property has received a U.S. Department of Housing and Urban Development direct loan under Section 202 of the National Housing Act. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. The Property received no additional loans during the year. The balance of the loan outstanding at December 31, 2025 is $979,400.