Notes to SEFA
The accompanying schedule of expenditures of federal awards (the ‘Schedule’) includes the federal award activity of Faith Manor 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 Faith Manor, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Faith Manor.
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 not limited as to reimbursement. Faith Manor has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Faith Manor has received a U.S. Department of Housing and Urban Development direct loan under a flexible subsidy agreement. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. Faith Manor received no additional loans during the year. The balance of the loan outstanding at December 31, 2025 is as follows: CFDA Number Program Name Outstanding balance at December 31, 2025 14.157 Section 202 Capital Advance $3,246,700