Notes to SEFA
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of Memphis Community Housing, Inc. (the “Project”) for the year ended December 31, 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 Project, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Project.
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 as to reimbursement. Memphis Community Housing, Inc. has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Of the federal expenditures presented in the Schedule, Memphis Community Housing, Inc. provided none of the federal awards to subrecipients.
Memphis Community Housing, Inc. received the following funding through a loan. Loan documents require compliance with program requirements until the maturity date of the loan. The loan is forgivable on its maturity date provided Memphis Community Housing, Inc. remains in compliance with the loan requirements. The loan balance outstanding at December 31, 2025, is included in the accompanying schedule of expenditures of federal awards and is as follows: U.S. Department of Housing and Urban Development Supportive Housing for Persons with Disabilities (Section 811): Federal ALN Number: 14.181 Description: Capital Advance Outstanding Loan Balance: $1,085,599