Notes to SEFA
The accompanying schedule of expenditures of federal awards (the schedule) includes the federal grant activity of Lee Elderly Housing Corporation, under programs of the federal government for the year ended December 31, 2025. The information in the schedule is presented in accordance with the requirements of the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirement, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the schedule presents only a selected portion of the operations of Lee Elderly Housing Corporation, it is not intended to and does not present the financial position, changes in net deficit or cash flows of Lee Elderly Housing Corporation.
Expenditures reported on the schedule are reported on the accrual basis of accounting. For cost-reimbursement awards, 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. For performance-based awards, expenditures reported represent amounts earned.
The Lee Elderly Housing Corporation has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Lee Elderly Housing Corporation has received a U.S. Department of Housing and Urban Development loan guarantee under Section 207 of the National Housing Act. Lee Elderly Housing Corporation received no additional loans or loan guarantees during the year. The balance of the loan outstanding at December 31, 2025 amounted to $1,396,466.