Notes to SEFA
The accompanying schedule of expenditures of federal awards includes the federal award activity of Virginia Place Apartments, Inc., HUD Project No. 064-HD071-CMI-NP-I8, 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 Virginia Place Apartments, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Virginia Place Apartments, Inc.
The outstanding balance of the Capital Advance at June 30, 2025 was 903,700.