Notes to SEFA
The Schedule of Expenditures of Federal Awards (the “Schedule”) is prepared on the accrual basis of accounting. The information in the 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 Haley’s Park, Inc. (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 capital advance in the amount of $1,568,200 was received for the construction of the property. The advance was received in 2006 and 2007 through a series of draws under a minimum capital advance agreement with the U.S. Department of Housing and Urban Development.