Notes to SEFA
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of MM Nonprofit Housing Corporation 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 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 MM Nonprofit Housing Corporation, it is not intended to and does not present the financial position, changes in net assets or cash flows of MM Nonprofit Housing Corporation.
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. Negative amounts (if any) shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented where available. MM Nonprofit Housing Corporation has elected not to use the 15-percent de minimis indirect cost rate allowed under the Uniform Guidance.
MM Nonprofit Housing Corporation has received a U.S. Department of Housing and Urban Development capital advance and a pre-development grant under Section 202 of the National Housing Act. The capital advance and pre-development grant are included in the federal expenditures presented in the Schedule. MM Nonprofit Housing Corporation received no additional capital advances, or loans, during the year. The balance of the capital advance and the pre-development grant at December 31, 2025, was $972,300 and $102,390, respectively.