Notes to SEFA
The accompanying schedule of expenditures of federal awards includes the federal grant activities of St. Michael’s Housing, Inc. (the “Organization”), HUD Project No. 067-11326. 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 Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization.
The loan balances presented in the schedule of expenditures of federal awards reflect the maximum federal awards outstanding during the year for which there are continuing compliance requirements. The Organization has the following loan balances: Assistance Listing Description Original Loan Amount Balance at January 1, 2025 Additional Loan Funding/ (Payments Made) Balance at December 31, 2025 14.155 Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects (Section 223(f)) - 067-11326 $ 7,752,400 $ 7,123,892 $ (162,712) $ 6,961,180
Expenditures incurred by the Organization are subject to audit and possible disallowance by federal agencies. Management believes that, if audited, an adjustment for disallowed expenses would be immaterial.