Notes to SEFA
The Schedule of Expenditures of Federal Awards (Schedule) includes the federal grant activity of Zeeland Non-Profit Housing Corporation d/b/a Haven Huis Apartments., FHA Project No. 047-11327 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 the Project, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Project.
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 Project has elected not to use the 15-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Zeeland Non-Profit Senior Housing Corporation d/b/a Haven Huis Apartments FHA Project No. 047- 11327 has received U.S. Department of Housing and Urban Development mortgage insurance under Section 207 pursuant to Section 223(f) of the National Housing Act. The loan balances outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. The Project received no additional loans during the year. The outstanding mortgage balance at May 31, 2025, consisted of: ALN Number Program Name Balance 14.155 Section 207/223(f) – Mortgage Insurance for Refinancing of Existing Multifamily Rental Housing $ 4,861,127