Notes to SEFA
The accompanying schedule of expenditures of federal awards ("Schedule") includes the federal award activity of Fairway Ridge, A Silvercrest Cooperative, HUD Project No. 092-23254, under programs of the federal government for the year ended December 31, 2025. The information in this Schedule is presented in accordance with 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 general operations of Fairway Ridge, A Silvercrest Cooperative, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Fairway Ridge, A Silvercrest Cooperative. For the year ended December 31, 2025, no awards were passed through to subrecipients.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, the cost principles contained in OMB Circular A-122, "Cost Principles for Non-Profit Organizations.
Fairway Ridge, A Silvercrest Cooperative has elected not to use the de minimis indirect cost rate allowed under the Uniform Guidance.
Fairway Ridge, A Silvercrest Cooperative has received a U.S. Department of Housing and Urban Development direct loan under Section 213 of the National Housing Act. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. Fairway Ridge, A Silvercrest Cooperative received no additional loans during the year. The balance of the loan outstanding at December 31, 2025 consists of: