Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Pejepscot Housing, 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 ofFederal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirementsfor Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Pejepscot Housing, Inc., it is not intended to and does not present the financial position of the Organization,as of December 31, 2025, and the changes in its financial position for the year then ended in accordance with accounting principles generally accepted in the United States of America.
A. 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. B. Pejepscot Housing, Inc. has not elected to use the 15% de minimis indirect cost rate as allowed under the Uniform Guidance.
During the year ended December 31, 2025, there were no awards passed through to subrecipients.
C. The outstanding balance of the capital advance covenant at December 31, 2025 with continuing compliance requirements which are reported as Federal Expenditures on the accompanying Schedule of Expenditures of Federal Awards was $1,031,900.00.
In accordance with Uniform Guidance, Major Programs are determined using a risk based approach. Programs in the accompanying schedule noted with an asterisk (*) are determined by the independent auditor to be major programs.