Notes to SEFA
The accompanying schedule of expenditures of federal awards includes the federal award activity of Clairmont Oaks 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 Clairmont Oaks it is not intended to and does not present the financial position, changes in net assets, or cash flows of Clairmont Oaks.
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. Clairmont Oaks has elected not to use the 15-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Clairmont Oaks has received a U.S. Department of Housing and Urban Development flexible subsidy loan. The flexible subsidy loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. Clairmont Oaks received no additional flexible subsidy loans during the year. The balance of the flexible subsidy loan outstanding at June 30, 2026 consists of: Federal Assistance Outstanding balance Listing Number Program Name at June 30, 2026 14.164 Operating Assistance for Troubled Multifamily Housing Projects $ 3,941,242