Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Cathedral Arms, 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 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 Cathedral Arms, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Cathedral Arms, Inc.
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. Pass-through entity identifying numbers are presented where available. The Corporation has elected not to use the de minimis indirect cost rate as allowed under Uniform Guidance.
The following is the activity of the loan payable for the year ended December 31, 2025: Assistance Listing Number: 14.134; Program name: Mortgage insurance - Rental Housing (Section 223(f)): Loans Outstanding December 31, 2024 $8,087,993; Loans Awarded for the Year Ended December 31, 2025 $49,434,500; Loan Principal Repaid for the Year Ended December 31, 2025 $8,087,993; Loans Outstanding December 31, 2025: $49,434,500.