Audit 2425

Title: Note 4: Supportive Housing for Persons With Disabilities Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Kenai Peninsula Housing Initiatives, Inc. and Affiliates under programs of the federal government for the year ended December 31, 2020. The information in this Schedule is presented 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), Audits of State, Local Governments, and Non-profit Organizations . Because the Schedule presents only a selected portion of the operations of Kenai Peninsula Housing Initiatives, Inc. and Affiliates, it is not intended to and does not present the financial position, changes in net assets or cash flows of Kenai Peninsula Housing Initiatives, Inc. and Affiliates. Expenditures reported on the Schedule are reported on the full 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: Not applicable The amount above for "Supportive Housing for Person with Disabilities" represents the full balance of the capital advance subject to this federal program and not expenditures incurred for the year ended December 31, 2020.