Notes to SEFA
The schedule of expenditures of federal awards (the schedule) includes the federal awards activity of Iowa Odd Fellows Housing Corporation and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) 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 Iowa Odd Fellows Housing Corporation, it is not intended to be and does not present the financial position, changes in net assets, or cash flows of Iowa Odd Fellows Housing Corporation.
There were no awards passed through to subrecipients.
The federal expenditure amount of $1,401,039 represents an outstanding mortgage note (beginning of year principal balance) with the U.S. Department of Housing and Urban Development. The note requires the Project to make monthly installments of $8,761, including interest at 3.30%, through the year 2042.