Audit 1194

Title: Basis of Presentation Accounting Policies: 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. De Minimis Rate Used: N Rate Explanation: The Organization has elected not to use the 10% de minimus indirect cost rate as allowed under the Uniform Guidance The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Silver Meadow, Inc., HUD Project No. 023-EE044 (the Organization) under programs of the Federal government for the year ended June 30, 2023. The information in the 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 the Organization, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Organization.

Title: Capital Advance and Loan Assistance Accounting Policies: 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. De Minimis Rate Used: N Rate Explanation: The Organization has elected not to use the 10% de minimus indirect cost rate as allowed under the Uniform Guidance The Section 202 capital advance and HOME loan which were received in prior fiscal years are included on the Schedule at their outstanding balances as of July 1, 2022 plus additional proceeds received in fiscal year 2023 as they include continuing compliance requirements from the U.S. Department of Housing and Urban Development. During 2023, no additional proceeds were received and no payments made. At June 30, 2023, the outstanding capital advance and HOME loan balances were $1,607,700 and $710,000, respectively.

Title: Subrecipients Accounting Policies: 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. De Minimis Rate Used: N Rate Explanation: The Organization has elected not to use the 10% de minimus indirect cost rate as allowed under the Uniform Guidance There were no pass through federal awards made to subrecipients by the Organization during 2023.