Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Bunts Road Housing Corporation under programs of the federal government 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 this Schedule presents only a selected portion of the operations of Bunts Road Housing Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Bunts Road Housing Corporation.
Expenditures reported in this 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.
Bunts Road Housing Corporation has received a U.S. Department of Housing and Urban Development capital advance under Section 811 of the National Housing Act. The capital advance is included in the federal expenditures presented in the Schedule. Bunts Road Housing Corporation received no additional capital advances or loans during the year ended December 31, 2025.
The Project has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.