Notes to SEFA
The accompanying schedule of expenditures of federal awards includes the federal award activity of Shoals Presbyterian Apartments, Inc. HUD Project No. 062-11106, 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 Shoals Presbyterian Apartments, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Shoals Presbyterian Apartments, Inc.
The accompanying schedule of expenditures of federal awards includes the loan balance outstanding at the beginning of the year for the U.S. Department of Housing and Urban Development loan programs. No additional loans were received during the year. The balances outstanding as of June 30, 2026 are shown below:Assistance Listing Number Loan Program Outstanding Balance . 14.155 Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects $ 3,416,487