Notes to SEFA
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Moogoong Terrace, Inc. (the “Project”) 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 the Schedule presents only a selected portion of the operations of the Project, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Project.
The Project provided no amounts to subrecipients from the federal awards listed.
The Project had no non-cash assistance, federal insurance, or loan guarantees to be disclosed as required by the Uniform Guidance.
Moogoong Terrace, Inc. has received a U.S. Department of Housing and Urban Development direct loan under Section 202 of the National Housing Act. The loan balance outstanding at the end of the year is included in the federal expenditures presented in the schedule. Moogoong Terrace, Inc. has received no additional loans during the year. The balance of the loan outstanding at December 31, 2025 was $2,533,115.
The Project has elected not to use the 10%, and subsequent to October 1, 2024 15% de minimis indirect cost rate allowed under the Uniform Guidance.