The accompanying schedule of expenditures of federal awards ("Schedule") includes the federal award activity of Sarasota Area Housing, Inc., HUD Project No. 067-EH273, 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 Sarasota Area Housing, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Sarasota Area Housing, Inc. For the year ended December 31, 2025, no awards were passed through to subrecipients. Under Government Auditing Standards and U.S. Department of Housing and Urban Development (HUD)'s Regulations, Supportive Housing for Persons with Disabilities is considered a major program.The accompanying schedule of expenditures of federal awards ("Schedule") includes the federal award activity of Sarasota Area Housing, Inc., HUD Project No. 067-EH273, 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 Sarasota Area Housing, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Sarasota Area Housing, Inc. For the year ended December 31, 2025, no awards were passed through to subrecipients. Under Government Auditing Standards and U.S. Department of Housing and Urban Development (HUD)'s Regulations, Supportive Housing for Persons with Disabilities is considered a major program.
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.
Sarasota Area Housing, Inc., has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The balance shown on the schedule of expenditures of federal awards relating to the capital advance consists of $1,997,800 expended in prior years. Section 811 capital advances need not be repaid as long as the owner continues to make the housing available to the low-income elderly and handicapped persons for at least 40 years.