Audit 19221

Title: U.S. Department of Housing and Urban Development, Mortgage Insurance Progra Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Areawide Housing for the Elderly of Broward, Inc. (Hillmont Gardens HUD Project No. 066-11092) for the year ended April 30, 2022 and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance); therefore, some amounts presented in this schedule may differ from amounts presented in, or used in preparation of the financial statements. 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. Negative amounts shown on the schedule, if any, represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. De Minimis Rate Used: N Rate Explanation: The Project has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. The Project has a mortgage insured under Section 223(f) Mortgage Insurance for the Refinancing of Existing Multifamily Housing Projects. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the schedule. The Project did not receive additional loans during the year. The balance of the loan outstanding at the year ended April 30, 2022 consists of $4,655,392.