Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of First Rising Mount Zion Baptist Church Housing Corporation, Inc. 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 2 CFR 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 First Rising Mount Zion Baptist Church Housing Corporation, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of First Rising Mount Zion Baptist Church Housing Corporation, Inc..
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles in OMB Circular A-122, Cost Principles for Non-Profit Organizations, or the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. First Rising Mount Zion Baptist Church Housing Corporation, Inc. has elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The balance of the HUD Insured Mortgage outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. There were no additional HUD loans during the year. The balance of the HUD insured mortgage outstanding at December 31, 2025 is $18,445,890.