Notes to SEFA
The schedule of expenditures of federal awards (the schedule) includes the federal awards activity of I.O.O.F. Mason City 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 I.O.O.F Mason City Housing Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of I.O.O.F Mason City Housing Corporation.
There were no awards passed through to subrecipients.
The federal expenditure amount of $1,813,500 represents an outstanding mortgage note with the U.S. Department of Housing and Urban Development. The note is not required to be repaid so long as the housing units remain available for very low-income elderly persons in accordance with Section 202 of related Housing Act and HUD Regulatory Agreement.