Notes to SEFA
The accompanying schedule of expenditures of federal awards includes the federal grant activities of Transfiguration Housing, Inc. (the “Organization”), HUD Project No. 067-EE162. 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 in the schedule of expenditures of federal awards reflect the maximum amount of federal awards outstanding during the year for which there are continuing compliance requirements. The Organization has the following loan balances: Additional Loan Original Balance at Funding/ Balance at Assistance Loan January 1, (Payments December 31, Listing Description Amount 2025 Made) 2025 14.157 Supportive Housing for the Elderly Captial advance $ 8,976,045 $ 8,976,045 $ - $ 8,976,045 14.239 Home Investment Partnerships Program $ 700,000 $ 700,000 $ - $ 700,000
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.