Notes to SEFA
The accompanying schedule of expenditures of federal awards (“SEFA”) includes the federal award activity of the Organization under programs of the federal government for the year ended June 30, 2025. The information in the SEFA is presented in accordance with the requirements of the Uniform Guidance. Because the SEFA presents only a selected portion of the operations of the Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization.
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.
The Organization has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The Supportive Housing for Persons with Disabilities (Section 811) – Capital Advance represents an unrecorded contingent liability in the Organization’s financial statements as the Organization expects the possibility of repayment to be remote.