Audit 21060

Title: Note 3. Federally Funded and Insured Mortgages Accounting Policies: Note 1. Basis of Presentation The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of Riese Madison Park, Inc. The Maurice J. Brick Residence under programs of the federal government for the year ended September 30, 2022. The information on this Schedule is prepared in accordance 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 Riese Madison Park, Inc. The Maurice J. Brick Residence it is not intended to and does not present the financial position, changes in net assets, or cash flows of Riese Madison Park, Inc. The Maurice J. Brick Residence. Note 2. Summary of Significant Accounting Policies Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures may or may not be allowable or may be limited as to reimbursement. During the year ended September 30, 2022. The Project did not provide any funds relating to their federal programs to subrecipients. The Project has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. The mortgage balance at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule. The mortgage was paid in full at September 30, 2021.