Notes to SEFA
The above schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Somerset Villas, Inc., HUD Project No. 034-EH390 and is presented on the accrual basis of accounting. 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 Somerset Villas, Inc., it is not intended to and does not represent the financial position, change in net assets, or cash flows of Somerset Villas, Inc.