Notes to SEFA
The accompanying schedule of expenditures of federal awards includes the federal award activity of Upper Perkiomen Manor (the “Organization”), HUD Project No. 034-EH250 and FHA Project No. 034-11178, 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 Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization.
The Organization operates under Section 223(a)(7) of the Housing and Community Development Act of 1974, as amended, and is regulated by the U.S. Department of Housing and Urban Development (HUD). The Organization’s major program is a HUD Section 223(a)(7) FHA insured loan. The loan balance outstanding at the beginning of the year was $3,813,099 and is included in the federal expenditures presented in the Schedule above. The Organization received no additional loans during the year. The loan balance as of September 30, 2025 was $3,662,735.