Notes to SEFA
The accompanying schedule of expenditures of federal awards includes the federal award activity of the Organization and is presented on the accrual basis of accounting. The information in the 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 the Organization, it is not intended and does not present the financial position, changes in net assets, or cash flows of the Organization.
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. The Organization has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Organization has received two direct capital advances under Section 811 and one mortgage under Section 223(a)(7) of the National Housing Act. The loan balances outstanding at the beginning of the year are included in the federal expenditures presented in the Schedule. The Organization received no additional loans during the year. The following represents the balance of the loans outstanding at December 31, 2025: Program Title - Project Name Assistance Listing Number Agency Identifying Number Outstanding Balance at December 31, 2025 Section 811 Capital Advance Boardwalk Estates, Inc. 14.181 FHA 102-HD011 $ 497,600 Liberty Place, Inc. 14.181 FHA 102-HD012 612,900 Section 223 Mortgage Insurance SDSI Housing Corporation, Inc. 14.155 FHA 102-11089 2,589,651 $ 3,700,151