Notes to SEFA
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of Marian Heights, Inc. (the “Organization”), HUD Project Number 017-EH-173 under programs of the federal government for the year ended December 31, 2025. 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.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
For the year ended December 31, 2025, the Organization has elected not to use the de minimus indirect cost rate of up to 15% allowed under the Uniform Guidance, section 414.
The Organization has received various U.S. Department of Housing and Urban Development funding. The loan balances outstanding at the beginning of the year are included in the federal expenditures presented in the Schedule. Marian Heights, Inc. received no additional loans during the year. The balance of the loans outstanding at December 31, 2025, consists of: Supportive Housing for the Elderly - Section 202 Capital Advance - 14.157 - $6,361,600, HOME Investment Partnership - 14.239 - $2,100,000, Community Development Block Grants - 14.225 - $33,343