Notes to SEFA
The accompanying schedule of expenditures of federal awards ("Schedule") includes the federal award activity of Silver State Housing, 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 ("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 Silver State Housing, it is not intended to and does not present the financial position, changes in net assets or cash flows of Silver State Housing.
Silver State Housing has not elected to use the de minimis indirect cost rate allowed under the Uniform Guidance.
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 loan balances reported on the Schedule of $2,815,281 are for outstanding notes payable with ongoing compliance requirements. Loans outstanding at the beginning of the year are included in the federal expenditures presented in the Schedule. The balance of loans outstanding at December 31, 2025 is $2,815,281.