Notes to SEFA
NOTE A—BASIS OF PRESENTATION The accompanying schedule of expenditures of federal awards includes the federal award activity of Casa Castañer, FHA Project No. 056-EH-032 (the Project) under programs of the federal government 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 (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Project, it is not intended and does not present the financial position, changes in net assets, or cash flows of the Project.
NOTE B—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 1. Basis of Accounting: 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. 2. Relationship to the Financial Statements: Federal award expenditures reported in the Schedule are included in the financial statements of the Project for the year ended on December 31, 2025. The amounts reported in the schedule may differ from amounts reported in, or used in the preparation of, the financial statements due to differences in the classification, timing, or presentation of federal award expenditures.
NOTE C—ASSISTANCE LISTING NUMBER The accompanying Schedule of Expenditures of Federal Awards presents federal award programs by federal agency, pass-through entity, federal program or cluster title, and Assistance Listing Number. The Assistance Listing Number is a unique identifying number assigned to each federal assistance program and is included to facilitate identification of the federal program for single audit reporting purposes. For federal awards received directly from a federal awarding agency, the Assistance Listing Number was obtained from the applicable federal award agreement or other information provided by the federal awarding agency. Management is responsible for determining the appropriate Assistance Listing Number for each federal award presented in the Schedule of Expenditures of Federal Awards.
NOTE D—INDIRECT COST RATE Casa Castañer has elected not to use the 15 – percent de minimis indirect cost rate allowed under the Uniform Guidance.
NOTE E—U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOAN PROGRAM Casa Castañer has received a U.S. Department of Housing and Urban Development insured loan under Section 223 (f) of the National Housing Act. The loan balance outstanding at the end of the year is included in the federal expenditures presented in the Schedule. Casa Castañer received no additional loans during the year. The balance of the loan outstanding at December 31, 2025 consists of: Assistance Listing Number Program Name Outstanding Balance at December 31, 2025 14.155 Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects $1,044,082