Audit 21051

Title: Loan/loan guarantee outstanding balances Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal award activity of Kateri Tekakwitha Housing Corporation HUD Project No. 023-EE219, and is presented on the accrual basis of accounting. The information in this schedule is presented 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 Kateri Tekakwitha Housing Corporation it is not intended to and does not present the financial position, change in net assets, or cash flows of Kateri Tekakwitha Housing Corporation. 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. De Minimis Rate Used: N Rate Explanation: Kateri Tekakwitha Housing Corporation has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance. SUPPORTIVE HOUSING FOR THE ELDERLY (14.157) - Balances outstanding at the end of the audit period were 4455800.