Notes to SEFA
The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of Main Street Apartments, Inc. under programs of the federal government as of and for the year ended March 31, 2026. 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 Corporation, it is not intended to and does not present the financial position, changes in net assets or cash flows of Main Street Apartments, Inc.
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.
Main Street Apartments, Inc. has elected not to use the 15% de minimis indirect cost rate allowed under Uniform Guidance.
program. The full amount received under the capital advance of $2,115,500 is included in the federal expenditures presented on the Schedule.
Main Street Apartments, Inc. has received a loan under the HOME Investment Partnership program. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. The loan balance as of March 31, 2026, is $339,000. Main Street Apartments, Inc. has received a loan under the CDBG program. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. The loan balance as of March 31, 2026, is $205,000. -