Audit 18734

Title: Loan/loan guarantee outstanding balances Accounting Policies: This summary of significant accounting policies of Myrtle Avenue Community Development Corporation is presented to assist in understanding the Organization's Schedule of Expenditures of Federal Awards. The Schedule and notes are representations of Myrtle Avenue Community Development Corporation's management, who is responsible for their integrity and objectivity. Basis of Accounting and Presentation: The Schedule of Expenditures of Federal Awards is prepared using the accrual basis of accounting. Indirect Costs: Myrtle Avenue Community Development Corporation does not have any federal awards that reimburse indirect costs, and therefore, has not elected to use the de minimis rate of 10% of modified total direct cost as an indirect cost allocation factor, as allowed under 2C.F.R. ?200.414. Subrecipients There were no subrecipients of the Federal Awards received by the Organization for the year ended December 31, 2022. De Minimis Rate Used: N Rate Explanation: Myrtle Avenue Community Development Corporation does not have any federal awards that reimburse indirect costs, and therefore, has not elected to use the de minimis rate of 10% of modified total direct cost as an indirect cost allocation factor, as allowed under 2C.F.R. ?200.414. SUPPORTIVE HOUSING FOR PERSONS WITH DISABILITIES (SECTION 811) (14.181) - Balances outstanding at the end of the audit period were 1409200.