Notes to SEFA
The accompanying schedule of expenditures of federal awards includes the federal grant activity of T. E. Brown Apartments HUD Project No. 071-11143, 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 Requirements for Federal Awards (Uniform Guidance). Because the schedule presents only a selected portion of the operations of T. E. Brown Apartments, it is not intended to and does not present the financial position, changes in net assets, or cash flows of T. E. Brown 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.
The mortgage balance at the beginning of the year and loans made during the year are included in the federal expenditures presented in the schedule. The outstanding balance of the federally insured mortgage at December 31, 2025 is $4,161,349. The principal balance was $4,376,992 at January 1, 2025.
T. E. Brown Apartments has not elected the 10% de minimis indirect cost rate.
T. E. Brown Apartments HUD Project No. 071-11143 has no subrecipients.
The threshold for determination of major program status is $1,000,000.