The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the federal award activity of Egida Hogar Presby, Inc., HUD Project No. 056-EE-026. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance, Audits of States, Local Governments, and Non-Profit Organizations. Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in the preparation of, the financial statements. The Project reporting entity is defined in Note 1 in the Notes to the Financial Statements on pages 9 through 14. All federal awards received passed-through other government agencies, if any, are included on the Schedule.
NOTE (2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES This schedule is prepared from the Project’s accounting records and is not intended to present the financial position or results of operations of the Project. The Project’s financial transactions are recorded in accordance with the terms and conditions of the federal awards, consistent with accounting principles generally accepted in the United States of America (U.S. GAAP). Federal expenditures reported in the Schedule of Expenditures of Federal Awards are recognized in the accounting period in which the related costs are incurred. The Project has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance
NOTE (4) GENERAL OBJECTIVES (A) Supportive Housing for the Elderly - Section 202 (ALN #14.157) The amount of expenditures presented in the Schedule represent the capital advance paid as of September 30, 2025 by the U.S. Office of Housing, Department of Housing and Urban Development (HUD) for the construction of housing for very low income households having at least one person age 62 or older. Federal Grantor / Pass-Through Grantor U.S. Office of Housing, Department of Housing and Urban Development (HUD). Authorization This program is authorized under Section 202 of the Housing Act of 1959, as amended, which is codified at 12 USC 1701q. Implementing regulations for this program are 24 CFR part 891, subparts A, B, and D. Objectives To provide Federal Capital Advances and project rental housing assistance under Section 202 of the National Housing Act of 1959 for development of housing projects serving elderly households. Types of Assistance Direct Loans. Uses and Use Restrictions Loans can be used to construct, or to purchase and substantially rehabilitate rental or cooperative housing or to develop manufactured housing projects. Housing as a general rule will consist of multiunits with two or more family units and any appropriately related facilities. Funds may also be used to provide approved recreational and service facilities appropriate for use in connection with the housing and to buy and improve the land on which the buildings are to be located. Loans may not be made for nursing, special care, or institutional-type homes. (B) Supportive Housing for the Elderly - Section 202 (ALN #14.157) Federal Grantor / Pass-Through Grantor U.S. Department of Housing and Urban Development / Pass - Through Puerto Rico Department of Housing. Objectives To expand the supply of affordable multifamily housing with supportive services for very low-income elderly individuals, allowing them to live independently with dignity and choice, offering services like health, nutrition, and transportation, and providing rental assistance. Type of Assistance Direct payments for specified use. Uses and Use Restrictions The assistance is paid by HUD to the owner of an assisted unit on behalf of an eligible family. The payment is the difference between the contract rent and the tenant rent. Assistance is currently available only on a renewal basis, i.e., projects currently assisted may receive a 1-year renewal, or multiple years, up to twenty years, upon expiration of the Section 202 contract.
Major federal programs are determined in accordance with the Uniform Guidance and are identified in the Summary of Auditor’s Results section of the Schedule of Findings and Questioned Costs for the year ended September 30, 2025..