Notes to SEFA
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Chinatown Preservation Housing Development Fund Company, Inc. (the "Company") for the year ended December 31, 2025. The information in the 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 (the "Uniform Guidance"). Because the Schedule presents only a selected portion of the operations of the Company, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Company.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principals contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or limited as to reimbursement.
The Company has elected not to use the 15 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Federal expenditures reported in the accompanying Schedule for Assistance Listing Nos. 14.155, Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects, and 14.228, Community Development Block Grants/State's Program and Non-Entitlement Grants in Hawaii, represent loans subject to continuing compliance requirements. Accordingly, loans outstanding at the beginnin of the year are included in the federal expenditures reported in the accompanying Schedule. As of December 31, 2025, the outstanding loan balances for Assistance Listing No. 14.155 and Assistance Listing No. 14.228 were $10,995,266 and $13,200,000, respectively.