Notes to SEFA
The accompanying schedule of expenditures of federal awards includes the federal award activity of St. Paul Apartments, Inc. (the Corporation), HUD Project No. 061-SH011, 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 Corporation, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Corporation.