Notes to SEFA
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of American Foundation for Affordable Housing (Bowling Green), Inc. (the “Project”), 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, 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.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, the cost principles contained in the Uniform Guidance.
The insured mortgage balance at the beginning of the year is included in the federal expenditures presented in the Schedule. The balance of the outstanding federally insured mortgage at December 31, 2025 is $2,574,288.
The Project has not made an election pursuant to Title 2 U.S. Code of Federal Regulations, Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards to receive a 10% de minimis indirect cost rate. Furthermore, the Project does not receive any federal indirect costs.