Notes to SEFA
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Homes for Laurel II, Inc., HUD Project No.: 032-EE014-WAH, under programs of the federal government 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 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 Homes for Laurel II, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Homes for Laurel II, Inc. For the year ended March 31, 2026, no awards were passed through to subrecipients.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Homes for Laurel II, Inc. has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
Homes for Laurel II, Inc. has received a U.S. Department of Housing and Urban Development capital advance under Section 202 of the National Housing Act. The advance balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. Homes for Laurel II, Inc. received no additional advances during the year. The balance of the advance outstanding at March 31, 2026 consists of: