Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Homes for the Exceptional V, Inc. HUD Project No. 012-HD-131 (the Corporation) under programs of the federal government for the year ended December 31, 2025. 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 Corporation, it is not intended to and does not present the financial position, changes in net deficit, or cash flows of the Corporation.
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 Corporation has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The Corporation has evaluated subsequent events occurring after the statement of financial position date of December 31, 2025 through May 29, 2026, except for the report on the Schedule, for which the subsequent events date is September __,2026, which is the date these financial statements were available to be issued. No events arose during the period that would require adjustment or additional disclosure.