Notes to SEFA
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of City Care, Inc. (“Organization”) under the programs of the federal government for the year ending December 31, 2025. Federal awards that are included in the schedule may be received directly from federal agencies as well as federal awards that are passed through from other government agencies. The information is presented in accordance with the requirements of Title 2 (CFR) 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 Organization it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization.
Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
As of December 31, 2025, the Organization has outstanding federal loan obligations of $800,000 under Community Development Block Grants, $2,746,931 under the HOME Investment Partnerships Program, and $1,671,902 under the National Housing Trust Fund Program. These amounts on the schedule of expenditures of federal awards include cumulative, outstanding loan proceeds as of December 31, 2025. Each of these loans are forgivable based on the Organization’s continued compliance with specified grant requirements.
The Organization has elected not to use the 15% de minimis indirect cost rate allowed under the Uniform Guidance for the year ended December 31, 2025.