Audit 12303

Accounting Policies: The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Lincoln Street Housing, Inc. (the "Organization") under programs of the federal government for the year ended June 30, 2023. 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 the Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization. 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 accompanying schedule of expenditures of federal awards includes $2,870,050 in loans for which continuing compliance is required. There were no loan repayments nor advances during the year. The loan balances for which continuing compliance is required as of June 30, 2023, consist of the following: 14.181 Supportive Housing for Persons with Disabilities/Capital Advances $ 1,416,400 14.218 Community Development Block Grants/Entitlement Grants 690,000 14.218 Community Development Block Grants/Entitlement Grants 70,000 14.239 Home Investment Partnerships Program 693,650 $ 2,870,050 De Minimis Rate Used: N Rate Explanation: Lincoln Street Housing, Inc. has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.