Title: Loan/loan guarantee outstanding balances
Accounting Policies: NOTE A BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Tradewinds, Inc. under programs of the federal government for the year ended June 30, 2022. 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 Tradewinds, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Tradewinds, Inc. NOTE B SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures may or may not be allowable or may be limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The NOTE C INDIRECT COST RATE Tradewinds, Inc. does not allocate indirect costs and, therefore, has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
SUPPORTIVE HOUSING FOR PERSONS WITH DISABILITIES (14.181) - Balances outstanding at the end of the audit period were 1341000.
Title: NOTE D - CAPITAL ADVANCE
Accounting Policies: NOTE A BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Tradewinds, Inc. under programs of the federal government for the year ended June 30, 2022. 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 Tradewinds, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Tradewinds, Inc. NOTE B SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures may or may not be allowable or may be limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The NOTE C INDIRECT COST RATE Tradewinds, Inc. does not allocate indirect costs and, therefore, has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
NOTE D CAPITAL ADVANCETradewinds, Inc. has a capital advance agreement with HUD in the amount of $1,341,000 for funding the project to construct housing for developmentally disabled adults. The advance shall bear no interest and is repayable only if the property does not remain available for low-income eligible individuals as approved by HUD, for no less than 40 years following substantial completion as defined by HUD.
Title: NOTE E - ADDITIONAL AUDITS
Accounting Policies: NOTE A BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Tradewinds, Inc. under programs of the federal government for the year ended June 30, 2022. 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 Tradewinds, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Tradewinds, Inc. NOTE B SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures may or may not be allowable or may be limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The NOTE C INDIRECT COST RATE Tradewinds, Inc. does not allocate indirect costs and, therefore, has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
HUD reserves the right to conduct additional audits of the Projects grant program for economy and efficiency and program results that may result in disallowed costs to the Project. However, management does not believe such audits would result in any disallowed costs that would be material to the Projects financial position at June 30, 2022.