Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Clifton Senior Citizens' Housing Corp. under programs of the federal government for the year ended June 30, 2025, and is presented on the accrual basis of accounting. 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 Clifton Senior Citizens' Housing Corp., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Clifton Senior Citizens' Housing Corp.
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. Clifton Senior Citizens' Housing Corp. has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The Corporation has an agreement with the U.S. Department of Housing and Urban Development (HUD) Section 236 Interest Reduction Program for an interest subsidy on its first mortgage. These interest payments are received directly by the mortgage company.
Clifton Senior Citizens' Housing Corporation has a U.S. Department of Housing and Urban Development direct loan under Section 223 (f) 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. Clifton Senior Citizens' Housing Corporation received no additional loans during the year. The loan's outstanding balance as of June 30, 2025 consists of: Prgram Name: U.S. Department of Housing and Urban Development Section 223(f) Insured Loan ALN Number 14.155 Outstanding Balance at June 30, 2025: $6,846,689