Notes to SEFA
The accompanying schedule of expenditures of federal awards ("Schedule") includes the expenditures on an accrual basis of Chestnut Creek, Inc., HUD Contract No.: 121-EE122-NP-WAH and 121-35991, 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 Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards. Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of the basic financial statements. For purposes of the Schedule, federal awards include all subawards to the Organization by nonfederal organizations pursuant to federal grants, contracts and similar agreements.
Chestnut Creek, Inc. has received a U.S. Department of Housing and Urban Development direct loans under Section 202 and 221(d)(4) of the National Housing Act. The Section 202 direct loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. The Section 221(d)(4) direct loan balance outstanding at the beginning of the year, plus advances during the year ended December 31, 2025, is included in the federal expenditures presented in the Schedule. The balance of the loans outstanding at December 31, 2025 consists of: Outstanding Assistance Listing Balance at Number Program Name December 31, 2025 14.157 Section 202 direct loan $ 3,704,400 14.135 Section 221(d)(4) direct loan $ 7,779,619