Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of Frontier Housing Corporation 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 (CFR) 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 the Organization it is not intended to and does not present the financial position, changes in net assets, or cash flows of the operations.
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. Matching costs (the Organization’s share of certain program costs) are not included in the Reported expenditures. Pass-through entities’ identifying numbers are presented where applicable. The amounts reported as federal expenditures were obtained from the federal financial reports for the applicable program and periods. The amounts reported in these reports are prepared from records maintained for each program, which are reconciled with the Organization’s financial reporting system.
The Organization did not elect to use the 15 percent de minimis indirect cost rate allowed under the Uniform Guidance. Indirect costs may be included in the reported expenditures, to the extent that they are included in the federal financial reports used as the source for the data presented.
The outstanding loan balance of the Rural Rental Housing Loans as of December 31, 2025 was $1,070,243. Frontier Housing Corporation is the recipient of an interest credit subsidy from the United States Department of Agriculture Rural Development (RD) that does not result in cash receipts or disbursements. During the year ended December 31, 2025, Frontier Housing Corporation received and expended $45,191 worth of non-cash interest credit subsidy under the Rural Rental Housing Loan Program (10.415).