Notes to SEFA
The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activity of The Housing Company and Subsidiaries (Housing) under programs of the federal government for the year ended December 31, 2025. The information 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 Housing, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Housing.
Expenditures reported in the schedule are reported on the accrual basis of accounting. When applicable, such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. No federal financial assistance has been provided to a subrecipient.
Housing does not draw for indirect administrative expenses and has not elected to use the 10% de minimus cost rate for grants entered into prior to October 1, 2024, or the 15% de minimis cost rate for grants entered into after October 1, 2024.