Notes to SEFA
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Falcon Housing Corporation, HUD Project No. 023-EE-122, 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 Falcon Housing Corporation, HUD Project No. 023-EE-122, it is not intended to and does not present the financial position, change in net assets, or cash flows of Falcon Housing Corporation, HUD Project No. 023-EE-122.
The schedule of expenditures of federal awards is prepared 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. The Project has elected not to use the 15 percent de minimis indirect cost rate allowed under the Uniform Guidance. The Project did not pass-through any federal funds to a subrecipient in 2025.
The Section 202 Capital Advance is presented as of January 1, 2025. The Section 202 Capital Advance balance as of December 31, 2025 was $4,812,100.