Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards includes the federal award activity of Charter Square Apartments, A Project of BGC I - Nonprofit Housing Corporation, HUD Project No. 048-11077, 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 Charter Square Apartments, A Project of BGC I - Nonprofit Housing Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Charter Square Apartments, A Project of BGC I - 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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Charter Square Apartments, A Project of BGC I - Nonprofit Housing Corporation has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Charter Square Apartments, A Project of BGC I - Nonprofit Housing Corporation has received a U.S. Department of Housing and Urban Development insured 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. Charter Square Apartments, A Project of BGC I - Nonprofit Housing Corporation refinanced during 2020 with the Section 223(f) HUD insured loan. The balance of the loan outstanding at December 31, 2025 consists of: Assistance Listing Number Program Name Outstanding Balance at December 31, 2025 14.155 Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects $ 5,806,563