Audit 23449

Title: Loan/loan guarantee outstanding balances Accounting Policies: NOTE A BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards includes the federal grant activity of Maison De LeMaire, Inc., HUD Project No. 064-HD061-WPD-NP-L8 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 Part 200.502, 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 Maison De LeMaire, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Maison De LeMaire, Inc.NOTE B SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures 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. Maison De LeMaire, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.The capital advance above is a contingent liability recognized as net assets in the year of construction of the apartment complex. In the event the Corporation does not remain available for eligible low income households for a 40-year period, in compliance with the capital advance agreement, HUD may declare the entire amount due and payable. No additional advances were received during the year. The balance outstanding at June 30, 2022 is $1,450,600. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. 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. Maison De LeMaire, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. SUPPORTIVE HOUSING FOR PERSONS WITH DISABILITIES (14.181) - Balances outstanding at the end of the audit period were 1450600.