The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal and other governmental award activity of Compass Affordable Housing, Inc. and Affiliates under programs of the federal and other governments for the year ended June 30, 2025. The consolidated financial statements include Vida Serena Apartments, LLC and DMA MM, LLC, which are for-profit entities not subject to the audit requirements of the Uniform Guidance. Federal award activity of these entities, if any, is not included in the Schedule. 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 Compass Affordable Housing, Inc. and Affiliates, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Compass Affordable Housing, Inc. and Affiliates.
In the event that the grantor was either unable to or did not confirm the source of federal funds all amounts were assumed to be federal for purposes of the schedule of expenditures of federal awards.
Loans outstanding at the beginning of the year and new loans received during the current year are included in the federal expenditures presented in the Schedule. The balance of loans outstanding at June 30, 2025, consists of: Arizona Dept. of Housing – Home Investment Partnerships Program - ALN #14.239 $1,500,000; City of Tucson CHD – Home Investment Partnerships Program - ALN #14.239 - $990,000; Pima County – Home Investment Partnerships Program - ALN #14.239 - $100,000; Government loans total $2,590,000.
Major programs are identified in the Summary of Auditor's Results section of the Schedule of Findings and Questioned Costs.
Total Federal expenditures - SEFA - $3,257,774; Total Non-Federal expenditures – SEFA - $315,382; Total expenditures -$3,573,156; Less: Loan balances treated as income on SEFA - (2,590,000); Plus: Other governmental nonfederal assistance - $0; Total governmental financial assistance – Statement of Activities - $983,156.
Compass Affordable Housing, Inc. and Affiliates did not provide federal awards to subrecipients during the year ended June 30, 2025.