Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Azalea Apartments Case No. 09-025-753731664 under programs of the federal government for the year ended December 31, 2025. 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 Azalea Apartments, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Azalea Apartments.
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. Azalea Apartments has elected not to use the 10 percent de minimis cost rate as allowed by the Uniform Guidance. The amount reported for the loan was the beginning of the year balance. The balance at the end of the year was $984,236.