Notes to SEFA
The accompanying schedule of expenditures of federal awards ("Schedule") includes the federal award activity of Bethlehem Ltd., HUD Project No. 071-EH392, 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 Bethlehem Ltd., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Bethlehem Ltd. For the year ended December 31, 2025, no awards were passed through to subrecipients.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Bethlehem Ltd., has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Bethlehem Ltd., has received a mortgage note guaranteed by the Federal Housing Administration. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. Bethlehem Ltd. received no additional loans during the year.