Audit 24011

Accounting Policies: (1) Basis of Presentation The accompanying Schedule of Expenditures of Federal Grant Awards (the "Schedule") includes the federal grant activity of Affordable Housing Resources, Inc. (the "Agency"). The information in the 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") as codified by the U.S. Department of Health and Human Services at 45 CFR Part 75 and the State of Tennessee. Because the Schedule presents only a selected portion of the operations of the Agency, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Agency.(2) Summary of Significant Accounting PoliciesThe expenditure threshold for classification as a Type A program is $750,000.For purposes of the Schedule, expenditures of federal grant awards are recognized 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. The Agency did not receive or expend any Federal awards during fiscal year 2022 in the form of non-cash assistance or provide any funds to subrecipients. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate.