Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Wollaston Lutheran Church Apartments, Inc. (the 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 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 Corporation, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Corporation.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. 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. The Corporation has not elected to use the de minimis indirect cost rate as allowed under the Uniform Guidance.
The Section 221(d)(4) HUD-Insured Mortgage is included on the Schedule at its outstanding balances as of January 1, 2025, of $19,339,504. At December 31, 2025, the outstanding balance on the Section 221(d)(4) HUD-Insured Mortgage is $19,069,383.
There were no federal awards passed through to subrecipients by the Corporation during 2025.