Notes to SEFA
The accompanying schedule of expenditures of federal awards (the “schedule”) includes the federal grant activity of Housing America Corporation, 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, Costs Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presented only a selected portion of the operations of Housing America Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Housing America Corporation.
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. Housing America Corporation has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Housing America Corporation has received direct loans from U.S. Department of Agriculture and Rural Development and U.S. Department of Housing and Urban Development. The loan balances outstanding at the beginning of the year is included in the federal expenditure presented in the Schedule. Housing America Corporation received no additional loans during the year. The balance of the loan outstanding at March 31, 2026 consists of: Orchid Street Apartments 02-2 10.405 $82,892 Colorado Street Apartments 03-4 10.405 495,902 Amistad Apartments of Somerton 10.447 841,662 HOME Investment Partnership Program 14.239 115,673 Total loans outstanding $1,536,129