Notes to SEFA
The Schedule of Expenditures of Federal Awards (the "Schedule") includes the federal award activity of the Project under programs of the federal government for the year ended. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards ("The Uniform Guidance"). Because the Schedule presents only a selected portion of the operations of the Project it is not intended to, and does not, present the financial position, changes in net position, or cash flows of the Project.
In 2000, HUD issued a capital advance to the project owner totaling $1,036,000. This amount is included in the federal expenditures presented in the Schedule and is included in total net assets with donor restrictions in the financial statements. The capital advance agreement requires the owner to maintain the project for 40 years.