Audit 20560

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 Red BridgePlace Housing Corporation and is presented on the accrual basis of accounting. The information in this schedule ispresented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, UniformAdministrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).Because the Schedule presents only a selected portion of the operations of Red Bridge Place Housing Corporation,it is not intended to and does not present the financial position, changes in net assets, or cash flows of Red BridgePlace Housing Corporation.NOTE B SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures arerecognized following the cost principles contained in the Uniform Guidance, wherein certain types of expendituresare not allowable or are limited as to reimbursement. Red Bridge Place Housing Corporation has elected not to usethe 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.NOTE C U.S. Department of Housing and Urban Development Loan ProgramRed Bridge Place Housing Corporation has received a U.S. Department of Housing and Urban Development CapitalAdvance under Section 202 of the National Housing Act. The Capital Advance balance outstanding at the beginningof the year is included in the federal expenditures presented in the Schedule. Red Bridge Place Housing Corporationreceived no additional Capital Advances during the year. The balance of the Capital Advance outstanding atDecember 31, 2022 consists of:Outstanding BalanceCFDA Number Program Name at December 31, 202214.157 Supportive Housing for the Elderly $ 2,475,200 De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. SUPPORTIVE HOUSING FOR THE ELDERLY (14.157) - Balances outstanding at the end of the audit period were 2475200.