Notes to SEFA
The accompanying schedule of expenditures of federal awards (the schedule) includes the federal grant activity of Glenbrook Road Elderly Housing Corporation, under programs of the federal government for the year ended December 31, 2025. The information in the schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirement, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the schedule presents only a selected portion of the operations of Glenbrook Road Elderly Housing Corporation, it is not intended to and does not present the financial position, changes in net assets or cash flows of Glenbrook Road Elderly Housing Corporation.
Expenditures reported on the schedule are reported on the accrual basis of accounting. For cost-reimbursement awards, 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 performance-based awards, expenditures reported represent amounts earned.
The Glenbrook Road Elderly Housing Corporation has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The Organization has a mortgage payable insured by the Department of Housing and Urban Development (HUD) in the original amount of $9,027,200 under the Section 221(d)(4) of the National Housing Act. The balance of the HUD insured mortgage payable at the beginning of the year is included in the Schedule of Expenditures of Federal Awards. The loan balance as of December 31, 2025 is $8,519,808.