Audit 18761

Title: Loan/loan guarantee outstanding balances Accounting Policies: NOTE A - BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards includes the federal award activity of PinePoint Housing Development Corporation and is presented on the accrual basis of accounting. Theinformation in this schedule is presented in accordance with the requirements of Title 2 U.S. Code ofFederal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and AuditRequirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selectedportion of the operations of Pine Point Housing Development Corporation, it is not intended to and doesnot present the financial position, changes in net assets, or cash flows of Pine Point Housing DevelopmentCorporationNOTE B SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported on the accrual basis of accounting. Such expendituresare recognized following the cost principles contained in the Uniform Guidance, wherein certain types ofexpenditures are not allowable or are limited as to reimbursement. Pine Point Housing DevelopmentCorporation has elected not to use the 10-percent de minimis indirect cost rate allowed under the UniformGuidance.NOTE C U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOAN PROGRAMPine Point Housing Development Corporation has received a U.S. Department of Housing and UrbanDevelopment Capital Advance under Section 811 of the National Housing Act. The Capital Advance underSection 811 balance outstanding at the beginning of the year is included in the federal expenditurespresented in the Schedule. Pine Point Housing Development Corporation received no additional CapitalAdvance loans during the year. The balance of the Capital Advance outstanding at December 31, 2022consists of:CFDANumber Program NameOutstanding Balanceat December 31, 2022Supportive Housing for Persons with Disabilities(Section 811 Capital Advance)14.181 $ 999,000 De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. SUPPORTIVE HOUSING FOR PERSONS WITH DISABILITIES (14.181) - Balances outstanding at the end of the audit period were 999000.