The accompanying schedule of expenditures of federal awards includes the federal grant activity of St. Mary Development Corporation (the “Parent”) 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 Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirement for Federal Awards (Uniform Guidance). Because the schedule of expenditures of federal awards presents only a selected portion of the operations of St. Mary Development Corporation, it is not intended to, and does not, present the consolidated financial position, changes in net assets or cash flows of St. Mary Development Corporation.
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 Title 2 U.S. Code of Federal regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Organization did not elect to use the 15% de minimis indirect cost rate.
Neighborhood Reinvestment Corporation is a public, congressionally chartered nonprofit organization that receives a direct federal appropriation. It is not a federal agency, but a recipient of federal funds directly from the United States Department of the Treasury.
Lyons Place, LLC, a wholly owned disregarded entity of SMDC, has received a capital grant advance under the U.S. Department of Housing and Urban Development’s Supportive Housing for the Elderly Section 202 Capital Advance Program. The capital advance is treated as a loan program for reporting federal expenditures. The capital advance in the original amount of $4,847,800 was originally issued on August 31, 2013, not in the current year. Refer to Note 7 in the Notes to the Financial Statements for additional disclosures regarding the capital advance. The balance of the capital advance outstanding at December 31, 2025 was $4,847,800. Lyons Place II, a wholly owned disregarded entity of SMDC, has received a capital grant advance under the U.S. Department of Housing and Urban Development’s Supportive Housing for the Elderly Section 202 Capital Advance Program. The capital advance is treated as a loan program for reporting federal expenditures. The capital advance in the original amount of $943,600was originally issued on December 13, 2013, not in the current year. Refer to Note 7 in the Notes to the Financial Statements for additional disclosures regarding the capital advance. The balance of the capital advance outstanding at December 31, 2025 was $943,600.