Notes to SEFA
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Peninsula Housing Development, Inc. X Cutler Bay Apartments, HUD Project No. 066-EE045 (the “Organization”). 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”). The Schedule presents only a selected portion of the operations of the Organization and is not intended to and does not present the financial position changes in net assets or cash flows of the Organization.
The Project was financed by a mortgage note (capital advance) from HUD under Section 202 of the Housing Act of 1959. The amount shown represents the current balance owed at the beginning of the year and are included in the federal expenditures presented in the Schedule. The Organization did not receive additional capital advances during the year.