Notes to SEFA
The accompanying schedule of expenditures of federal awards and state financial assistance (the “Schedule”) includes the federal and state grant activities of University Area Community Development Corporation, Inc. and Subsidiaries (“UACDC”). 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”); and the requirements of Section 215.97, Florida Statutes (Florida Single Audit Act); and Chapter 10.650, Rules of the Auditor General. Because the Schedule presents only a select portion of the operations of UACDC, it is not intended to, and does not present the consolidated financial position, activities, functional expenses, or cash flows of UACDC. Some amounts presented in the Schedule may differ from amounts presented or used in the preparation of the consolidated financial statements.
UACDC has the following loan balances at September 30, 2025: See Notes to the SEFSA for Chart/Table.
Expenditures incurred by UACDC are subject to audit and possible disallowance by federal and/or state grantor agencies. Management believes any adjustment for disallowed expenses would be immaterial, if audited.
In accordance with Uniform Guidance, large loans are included in the base in considering Type A major programs and from the calculation the threshold used to determine Type A programs.