Notes to SEFA
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Langtry Village Inc., HUD Project No. 133-EH101-PPH-NP-L8, 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 (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. Federal grant funds are considered to be earned to the extent of expenditures made under the provisions of the grant and, accordingly, when such funds are received, they are recorded as deferred revenues until earned.
Langtry Village Inc., HUD Project No. 133-EH101-PPH-NP-L8, had the following capital advance balance outstanding at September 30, 2025. This capital advance is included in the federal expenditures presented in the Schedule of Expenditures of Federal Awards. The balance of HUD capital advance at 9/30/2025 is $2,706,000.