Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents the activity of all federal financial assistance programs of Fowler Christian Apartments III, Inc. (the Organization). 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 (the Uniform Guidance). Since the schedule presents only a select portion of the activities of the Organization, it is not intended to and does not present the financial position, changes in net deficit or cash flows of the Organization.
The accompanying schedule of expenditures of federal awards is presented using the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, where in certain types of expenditures are not allowable or are limited as to reimbursement. The Organization has elected not to use the 10 percent de minims indirect cost rate as allowed under the Uniform Guidance.
The ending balance of the HOME Investment Partnerships Program under HUD is $125,000 at December 31, 2025.