Title: BASIS OF PRESENTATION
Accounting Policies: BASIS OF PRESENTATION - The accompanying schedule of expenditures of federal awards includes the federal grant activity of Houston Heights Tower, HUD No. 114-44098. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CRT) 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 Houston Heights Tower, it is not intended to and does not present the financial position, changes in net assets or cash flows of Houston Heights Tower. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Expenditures reported in 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 reimbursements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Houston Heights Tower, HUD No. 114-44098. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CRT) 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 Houston Heights Tower, it is not intended to and does not present the financial position, changes in net assets or cash flows of Houston Heights Tower.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: BASIS OF PRESENTATION - The accompanying schedule of expenditures of federal awards includes the federal grant activity of Houston Heights Tower, HUD No. 114-44098. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CRT) 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 Houston Heights Tower, it is not intended to and does not present the financial position, changes in net assets or cash flows of Houston Heights Tower. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Expenditures reported in 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 reimbursements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate
Expenditures reported in 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 reimbursements.
Title: GRANTS
Accounting Policies: BASIS OF PRESENTATION - The accompanying schedule of expenditures of federal awards includes the federal grant activity of Houston Heights Tower, HUD No. 114-44098. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CRT) 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 Houston Heights Tower, it is not intended to and does not present the financial position, changes in net assets or cash flows of Houston Heights Tower. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Expenditures reported in 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 reimbursements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate
The Project has received grants under the Community Development Block Grant and HOME Improvement Partnership Grant programs. The grant balances at the beginning of the year are included in the federal expenditures presented in the schedule. The Project received no additional grant funds during the year. The grants are reported as net assets with donor restrictions in the statement of financial position.
Title: INDIRECT COST RATE
Accounting Policies: BASIS OF PRESENTATION - The accompanying schedule of expenditures of federal awards includes the federal grant activity of Houston Heights Tower, HUD No. 114-44098. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CRT) 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 Houston Heights Tower, it is not intended to and does not present the financial position, changes in net assets or cash flows of Houston Heights Tower. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Expenditures reported in 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 reimbursements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate
The Project has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance