Notes to SEFA
This schedule of expenditures of federal awards includes the federal grant activity of Cumberland Gardens Affordable Housing, LLC, HUD Project No.NC190017038, 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
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 Title 2 U.S. Code of Federal regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
For the year ended December 31, 2024 the Company recorded $1,397,644 of its revenues from HUD under the terms of a HAP contract, which provides for rental assistance to the Company on behalf of low-income tenants who meet certain qualifications. The Company’s future intentions and future changes in HUD regulations and the appropriations of related funds are uncertain. It is not possible to determine the ultimate impact any adverse changes in policy, regulations, appropriations, and circumstances could have on the operations of the Company. As of December 31, 2024, $15,134 was due from HUD.