Notes to SEFA
The accompanying schedule of expenditures of federal awards presents the activity of all federal awards of the Organization. The Organization is defined in Note 1 of the basic financial statements. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). All federal awards received directly from federal agencies, as well as federal awards passed through other government agencies is included on the schedule of expenditures of federal awards.
Amounts reported in the accompanying schedules agree with the amounts reported in the Organization’s financial statements. Expenditures from awards are reported in the Organization’s financial statements as follows: Section 8 rental assistance:$1,101,666, Tenants Rents: $1,015,350, Managers apartment: $17,064, Vacancy adjustments: ($120,773) Total rental income: $2,013,307
Amounts reported in the accompanying schedule agree with amounts reported in the related financial reports.
Major programs are identified in the Schedule of Findings and Questioned Costs section.
Each of the grantor agencies reserves the right to conduct additional audits of the Organization’s grant program for economy, efficiency and program results. However, management does not believe such audits would result in material amounts of disallowed costs.