Notes to SEFA
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Talladega Presbyterian Apartments, Inc. HUD Project No. 062-EH165, 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in, the preparation of the basic financial statements.
The outstanding balance of the HUD insured section 223 (f) mortgage note payable is $339,076 at March 31, 2026.
The Project elected to not use the 15% de minimis cost rule.