Audit 24370

Title: Loan/loan guarantee outstanding balances Accounting Policies: The accounting policies and presentation of the Single Audit Report of New Horizons Properties IV, Inc. (the Organization) have been designed to conform to generally accepted accounting principles as applicable to non-profit organizations, including the reporting and compliance required by Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards. Reporting Entity - The reporting entity consists of the Organization, a not-for-profit Florida corporation. The Organization includes a Schedule of Expenditures of Federal Awards in the Compliance Section. Basis of Accounting - Basis of accounting refers to when revenues and expenditures or expenses are recognized in the accounts and reported in the financial statements. Basis of accounting relates to the timing of the measurements made, regardless of the measurement focus. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. SECTION 811 CAPITAL ADVANCE PROGRAM (14.U01) - Balances outstanding at the end of the audit period were 917400.

Title: Loan/loan guarantee outstanding balances Accounting Policies: The accounting policies and presentation of the Single Audit Report of New Horizons Properties IV, Inc. (the Organization) have been designed to conform to generally accepted accounting principles as applicable to non-profit organizations, including the reporting and compliance required by Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards. Reporting Entity - The reporting entity consists of the Organization, a not-for-profit Florida corporation. The Organization includes a Schedule of Expenditures of Federal Awards in the Compliance Section. Basis of Accounting - Basis of accounting refers to when revenues and expenditures or expenses are recognized in the accounts and reported in the financial statements. Basis of accounting relates to the timing of the measurements made, regardless of the measurement focus. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. SECTION 811 CAPITAL ADVANCE PROGRAM (14.U01) - Balances outstanding at the end of the audit period were 917,400.