Notes to SEFA
1. The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Regal Village Apartments and is presented of 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 Regal Village Apartments, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Regal Village Apartments. 2. In accordance with HUD guidelines, under the Project Based Rental Assistance program federal awards expended for the fiscal year equal subsidies received from HUD.
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. Regal Village Apartments has elected not to use the 15 percent de minimus indirect cost rate as allowed under the Uniform Guidance.
Regal Village Apartments has received a U.S. Department of Housing and Urban Development Capital Advance under Section 811 of the Cranston-Gonzalez National Housing Act. The note balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. Regal Village Apartments received no additional notes during this year. The balance of the note outstanding at January 31, 2026 consists of: Assistance Listing Number 14.181 Program Name Supportive Housing for Persons with Disabilities - Capital Advance Program Outstanding Balance at January 31, 2026 $1,381,600