Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activities of G.I.S. Housing III, Inc. (the Project), HUD Project No. 067-EH272 FL 29-T871-033, under programs of the federal government for the year ended June 30, 2026. 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 the Project, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Project.
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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
The Project has elected not to use the de minimis indirect cost rate allowed under the Uniform Guidance.
The Project had the following loan balances at June 30, 2026: ALN Number Description Original Loan Amount Balance at June 30, 2025 Additional Loan Funding (Payments Made) Balance at June 30, 2026 14.157 Supportive Housing for the Elderly – Section 202 Direct Loan $ 2,334,600 $ 955,992 $ (125,792) $ 830,200