Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) reflects the federal grant activity which was originally provided to Phoenix Manor, Inc., (HUD Project No. 066-EH249-CA) and is presented on the accrual basis of accounting. 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 Phoenix Manor, Inc., it is not intended and does not present the financial position, changes in net assets, or cash flows of Phoenix Manor, Inc.
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.
The Organization has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Phoenix manor, Inc. has received a direct loan from the U.S. Department of Housing and Urban Development under Section 811 of the National Affordable Housing Act. The loan balance outstanding at the beginning of the year included in the federal expenditures presented in the Schedule. Phoenix Manor, Inc. received no additional loans during the year. The balance of the loan outstanding at June 30, 2026 consists of: